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Wednesday, May 4, 2016

Details released on Monett audit

Wednesday, August 24, 2011

Details about the finances of the Monett city government as documented in the 2010-11 fiscal year audit were unveiled at the August monthly meeting of the Monett City Council.

Mayor Jim Orr said the audit, conducted by The CPA Group, was presented at a council work session during the past month.

"The audit was very clean and had no exceptions," Orr said.

City Administrator Dennis Pyle presented several highlights from the report. He reported the city closed the year on April 30 with $5,935,812 in unrestricted money that can be used for ongoing obligations.

Other major points included:

* The city's total net assets increased by $3.6 million during the fiscal year.

* The city's total debt increased by $1.6 million during the year due to ongoing water system improvements funded through the American Recovery and Reinvestment Act.

* Funds available to pay general obligations rose by $1.9 million at the end of the fiscal year. Unrestricted cash and investments totaled just over $4 million. Restricted money committed to paying for specific services that include 911, tax increment financing (TIF) projects, water and sewer services added up to $10.2 million.

* The city's total outstanding long-term debt from TIF projects and the water and sewer upgrade ended the year at $25.8 million.

* Without the landline surcharge to fund city 911 services, the reserve fund to pay for 911 dropped by $44,416. Enough money remains in the fund to pay for 911 for almost two more years.

* Services run by the city that generate revenues from fees charged to customers ended the year with profits. Electricity sales generated $2.4 million. Water sales produced $734,999. Sewer services ended the year $59,829 in the black, and sanitation was ahead of expenses by $73,820.

* The fiber optics service, a division of the electric department, closed the year with a $238,271 profit. Of that, $70,000 was used to pay back the loan from the electric department needed to start the service. "The loan will be retired during the 2011-12 fiscal year due to a profitable business model," Pyle said.

* The city's total payroll for the year totaled $4.6 million.

* According to the Missouri Local Government Employees Retirement System (LAGERS), the city had only 88 percent of its pension fund covered by collected funds. The unfunded amount, which varies by the success of investments made by LAGERS, is presently at more than $1.2 million.

Pyle said The CPA Group made no recommendations to improve city operations or procedures.

Copies of the audit are available for review at City Hall. The audit is also available on-line at www.cityofmonett.com.

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