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Town of Concord receives positive audit for 2018 fiscal year

By Kellen M. Quigley

The town of Concord received a positive audit for the 2018 fiscal year, which was reviewed at the town board’s regular meeting June 13.
Nicole Ryan, a CPA from Freed Maxick, went through the results of the audit, saying there was an unmodified opinion, which is good for the town, and the financial statements present fairly in all material respects the financial position of the town.
According to Ryan, the town’s long-term liabilities amounted to approximately $4.8 million, which comprised of several assets, including the bonds amounting to $2.35 million due to the permanent financing of the bond anticipation notes.
In the fund basis statements, which most closely resembles what the town sees when going through the budgeting process, Ryan said they look at what percentage of the town’s total expenditures makes up the fund balance. She said fund balances of 10 to 35 percent is a healthy amount.
In the general fund, Ryan said about 49 percent of the general fund was made up of the fund balance at $596,000, which also includes the restrictive fund balance and capital reserve balance. About $366,000 is unassigned funds.
Current expenditures for the general fund exceeded revenues by about $61,000, but that was down from the prior year of $160,000. Ryan said this was due to an overall increase in revenues and overall decrease in expenditures in the town.
The town-outside-village fund had $88,000 in fund balance, about 10 percent of expenditures, Ryan said. Expenditures exceeded revenues by $81,000, which includes the budgeted operating transfer of $630,000 that is made to the highway part-town fund.
The highway part-town fund had just under $600,000 in fund balance, of portion of which went to capital reserve with about $339,000 in the assigned fund balance for highway purpose. That was about 31 percent of expenditures.
The fire protection fund balance was $1.4 million, but there was a restrictive portion of about $1.3 million. In that fund, revenues exceed the expenditures by about $38,000.
In the sewer fund, there was a total fund balance of about $477,000, which Ryan said is a strong number in comparison of expenditures. She said revenues exceed the expenditures in the sewer fund by about $16,000.
For all the other non-major funds, Ryan said each ended with a positive fund balance of revenues exceeding expenditures.
However, the lighting district and joint youth had operational deficits this year, but the lighting district was noted and expected by the town in the audit.
During the audit, Ryan said there were no material weaknesses or significant deficiencies, but there were two control deficiencies identified.
One issue was with the tracking of capital assets. Ryan said the town should develop a system to track and record any capital assets. She said the town could develop a file for the auditors to help them keep track of that.
The second issue was having a town system to track sick and vacation time as part of the payroll process rather than having only town employees recording their own. Ryan said doing both an individual and system track as a sort of checks and balances process.
A couple other matters noted in the audit included updating the town’s investment policy and paying attention to what’s being recorded or purchase in the joint youth fund.
For those who wish to see more of the audit, copies are available in the Town Clerk’s office and information pertaining to the audit will be published on the town’s website.

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