By Kellen M. Quigley
The finances of the village of Springville are looking to be in good shape after receiving a positive audit for the 2018-19 fiscal year during the village board meeting on Monday.
Laura Landers of Freed Maxick, CPAs, presented to the village Board of Trustees the audit results, which she said resulted in issuing an unmodified opinion for the village.
“It’s all good,” she said.
In the government-wide financial statements, the activities for the general fund and capital projects fund showed a net value of about $9 million, Landers said, and $11 million for the business-type activities, which includes the water, sewer and electric.
“We noted that the governmental activities and the business-type activities both had a positive net position at the end of the year,” she said.
The largest portions of the village’s longterm liabilities include the bonds payable portion at $6.8 million and the village’s share of the net pension liability at $503,000, Landers said.
At the end of the year, the general fund, which includes reserves, assigned fund balances and the unassigned fund balance, had a total balance of about $3.3 million, which Landers said was up slightly from the previous year.
“General fund ended up slightly higher with fund balance from the prior year, but the unassigned fund balance is relatively stable,” she said.
For expenditures, Landers said they were under the total budgeted appropriations in the general fund by about $80,000, which shows that the village’s budgeting is pretty close. Additionally, the current year revenues exceeded expenditures by about $50,000.
In the capital projects, the village has a deficit fund balance of about $2.2 million, which will be eliminated by either bond anticipation notes or by paying down the bond anticipation notes. Landers said it’s not unusually to see this in a capital projects fund and there’s no concern.
For the business/enterprise funds, the electric department ended the year with a net position of $4.7 million, the sewer fund had a $2.6 million position and the water fund had a $4.7 million position.
“All the enterprise funds ended the year with a positive change in net position,” Landers said. “Only the sewer fund had a slight deficit for the current year.”
In the management report, Landers said there are no significant deficiencies or material weaknesses. She said there was one control deficiency that relates to the electric department inventory.
Mayor Bill Krebs thanked Landers for the report and thanked village administrator Liz Melock “for overseeing the budget so that we have such a nice report from our auditor.”