Cedaredge audit report is mostly positive
By Hank Lohmeyer
Published Thursday, June 15, 2017 9:51 am
Another poor financial showing for the Cedaredge Golf Course cast a shadow over an otherwise positive financial audit report for the Town of Cedaredge's 2016 operations.
For example, the practice of "conservative budgeting" (i.e. estimating expenses at the high end of a range and for income at the low end) helped produce results wherein the town "actually did a lot better than anticipated," according to the report presented to trustees by auditor Pete Blair. Each of the town's six budget funds ended the year spending less than budgeted.
Also on the positive side, the town's infrastructure asset base was increased by $1.5 million with addition of the new sewer plant, and overall the town was judged to be "better off financially at the end of 2016" than it had been a year earlier.
Total fund balances increased at the end of last year in four of the town's six budget funds. An exception was the sewer fund from which there were large expenditures for the new sewer plant. The golf course fund improved from its deficit of $63,409 at the end of 2015; but, that was only after up to $140,000 in subsidies from other town budget funds had been added in by the town board during the year (see related story).
Other notes of interest in the audit report are the following:
• The cost of the town's government services by department are: culture and recreation $82,002; public works $426,329; general government $450,569; and police/public safety $600,949.
• The town has $1.04 million "in the bank." It is money that is not restricted as to its uses and which "may be used to meet the government's ongoing obligations to citizens and creditors."