The overall financial picture for Cedaredge was "stable" in 2015, the town's auditor reported on June 14. But revenues were below budget estimates in the general fund while at the same time expected spending declined to match, and losses continued to mount in the golf course fund, according to an audit report.
"Overall, the town stayed stable" financially in 2015, auditor Pete Blair told the trustees during his annual audit report delivered on July 14. General fund operating revenues were $1.57 million against budget expectations of $2.35 million, according to figures provided to the DCI in the audit management report. The variance was due to governmental revenues posting $811,566 under budget for the year. Operating expenses of $1.66 million were also lower than budget estimates in line with the lower revenues.
Blair told trustees that on a cash basis the golf course operations took in slightly more than expenses: $475,895 in operating revenues against $450,158 in operating expenses, the report shows. However, the audit management report delivered to trustees shows an overall loss of $63,409 for the golf course in 2015. That adds to a loss of $47,682 in 2014 for a total loss for the two years of $111,901. The big loss is accounted for by the fact that infrastructure, equipment and facilities are depreciating in useful life and in value far more quickly than funds are being set aside to replace them, trustees were told.
The audit management report states, "The golf course fund's biggest variance between actual and budgeted revenues was in the merchandise sales of $9,933," for 2015. By contrast, the town's 2015 budget projected $36,000 in "merchant sales" last year. In 2013, the merchant sales line item contributed $37,639 actual income, according to the town budget.Operating expenses at the course came in lower than the $477,694 budgeted.
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