[Monett Times] Overcast ~ 68°F  
High: 73°F ~ Low: 47°F
Saturday, Apr. 30, 2016

Verona receives clean audit report

Friday, December 3, 2010

Verona aldermen received the report of a good audit from Dawnata Hopkins, of the CPA Group of Monett, at their November meeting.

Hopkins presented the company's findings for the year ending March 31, stating that the financial statements presented fairly the financial position of the city.

The city's total expenses exceeded total revenues by $77,443.16 as opposed to the previous year where the revenues exceeded expenses by $35,203.

The audit also shows a decrease in revenues, primarily sales taxes, of $23,869.

The audit also revealed a decrease in net assets totaling $53,574 compared to the previous year's increase of $5,630.75. Hopkins reminded aldermen the previous year, the city had benefitted from a Missouri Department of Conservation grant to install an ultraviolet disinfection system. The current audit reflects depreciation for that system.

The report also indicated the city has $293,449 in combined ending fund balances of which $224,655 is available for spending at the city's discretion.

Most of the city's basic services, including police, fire, policy and administration, are reported in governmental funds. Also included in those services are streets, parks and recreation. Sales taxes, property taxes, franchise fees and fines finance most of these activities.

The city does charge a fee to customers to help cover sewer services. The city has no fiduciary funds, such as pension plans or assets held in trust agreements.

At the time of the audit, the city had $836,691 invested in capital assets, including fire and police equipment, park facilities and sewer lines.

At the end of the year, the audit reflected the city's long-term debt at $209,840. That debt is a bond payable to the USDA, which finances the city's sewer system. The bond will mature in December 2033.

Hopkins noted that the uncertain economy had impacted Verona's sales tax revenue and resulted in higher costs to operate the wastewater treatment system.

"You guys have the best budget I've seen," Hopkins told aldermen. "It's clear, and you have good internal controls. I commend you guys on your budget and your presentation."

Hopkins said the City of Verona had received an "unqualified" opinion, which was desirable.

Note: The nature of the Internet makes it impractical for our staff to review every comment. If you feel that a comment is offensive, please Login or Create an account first, and then you will be able to flag a comment as objectionable. Please also note that those who post comments on monett-times.com may do so using a screen name, which may or may not reflect a website user's actual name. Readers should be careful not to assign comments to real people who may have names similar to screen names. Refrain from obscenity in your comments, and to keep discussions civil, don't say anything in a way your grandmother would be ashamed to read.

". . .$224,655 is available for spending at the city's discretion . . ." yet the roads are still in disrepair! Previous attempts at acquiring grants for road repairs was denied because the city had too much money in its general fund - do tell.

-- Posted by 8isgr8 on Wed, Dec 8, 2010, at 10:40 AM

Respond to this story

Posting a comment requires free registration:

© 2016 Monett Times, a division of Rust Publishing MOARCASS, L.L.C. All rights reserved.