Morgan City audit presented

Morgan City audit presented

5
0

Auditors gave Morgan City a clean bill of financial health during the fiscal year 2012 financial report. Tax revenues increased $30,000 and sales tax increased $50,000 compared to the prior year. That means people are spending money in town, said Jeff Ambrose of Crane, Christensen & Ambrose, Ogden-based certified public accountants. The city’s net worth is on the increase. Total city-wide net assets increased $75,000, bringing the total in net assets to $12 million. Land improvements increased $102,000, thanks mostly to the new splash pad and other park improvements. The city’s machinery and equipment worth increased $137,000, which can be attributed to a new truck purchase. Road work and sidewalk and gutter improvements account for a $214,000 increase in infrastructure worth. Revenue is higher than you budgeted, and expenditures are less than what you budgeted, Ambrose said. That shows that the people in charge of monitoring your budget did a pretty good job. Ambrose did identify four items of concern. A result of more revenues and less spending than anticipated, there was an increase in the fund balance. The city’s unassigned fund balance of $281,000 exceeds the statutory limit of 18 percent of the budget by some $40,000, Ambrose said. Although technically a violation of state code, it is a good violation, he said. The city plans to move some of the increase into the capital projects fund. Ambrose said the city’s special improvement district fund is underwater, although he is satisfied the city is taking steps to alleviate the problem. In addition, three city departments had expenditures that exceeded budgets, and a budgeted revenue on a tax rate form did not correspond to the city’s budget.

NO COMMENTS

LEAVE A REPLY