While it took until the end of 2011 to finish the 2010 audit for the Town of Crawford, the 2011 audit was completed and presented to the town council on May 2. All the previous problems associated with various accounting procedures by different town clerks were resolved by town clerk Jackie Savage.
She worked closely with Blair and Associates in getting proper procedures in place.
When Mary Jo Lance of Blair and Associates presented the audit to the council, her recommendations had already been implemented.Among those items were having an investment policy, checks and controls on debit card usage and more revenue in the enterprise funds.
Financial highlights from 2010 show that the town's assets exceeded its liabilities by $2,520,936 by Dec. 31, 2011, which equals a decrease of $36,906 compared to 2010. Governmental funds had a combined ending fund balances of $375,912 which represents an increase of $12,307 compared with 2010. The town's general fund balance was $352,328, an increase of $6,930 in comparison to 2010. General property tax, sales tax and other tax totaled $70,495, which is 63 percent of general revenues.
The audit states, "Over time, the increases or decreases in net assets may serve as a useful indicator of whether the financial position of the town is improving or deteriorating."
Revenue was $318,531 in 2010 and $314,614 in 2011. Expenses were also down in 2011. 2010 expenses totaled $372,489 compared with $351,520 in 2011. The town paid off all debt in 2011. "Overall the town is in good financial condition," Lance said. "The balance in your general fund will cover three years of general fund expenses. Your general fund is in very good shape."
She also noted that the town is covering their expenses in their enterprise funds for water and sewer, but not covering for depreciation. Lance recommended the town create more revenue in the enterprise funds.
The Town of Crawford had already approved a $6 a month increase in each enterprise fund. Those increases started this month.
The town does not have any uninsured risk. The total cash and investments as of Dec. 31, 2011 were $387,442.
Some line items in the enterprise funds were over budget, but the funds themselves including the general fund were not over budget.
Lance recommended that the town change their bank statement policy. The town changed the policy so the mayor will open the bank statement and then give it to the town clerk.
The council approved the audit by unanimous vote. The audit was sent by Blair and Associates to the State of Colorado the next day on May 3.blog comments powered by Disqus