The long awaited 2010 audit by Blair and Associates, P.C. was completed prior to the Dec. 14 budget hearing in Crawford.
The State Office of the Auditor received the 2010 Financial Statements and Independent Auditor's Report on Dec. 13.
That office notified the Delta County Treasurer who processed the funds from property taxes and county sales taxes due Crawford on Tuesday, Dec. 27.
So, the Town of Crawford is now up to date.
From the report it was noted that as of Dec. 31. 2010, Crawford's assets exceeded its liabilities by $2,557,842, representing a decrease of $53,958 from 2009. The town is left with $377,667 in unrestricted funds "available to meet the Town's ongoing financial obligations."
Governmental funds had a combined ending fund balance of $363,605, which was a $135,512 decrease from 2009. The governmental funds resulted in an increase in net assets of $96,095. Service charges resulted in 49 percent of total revenues. Ninety-three percent of the combined governmental funds, or $336,550, comprises the unreserved fund balance, available for appropriation. The state- required emergency reserve, which was not available for new spending in 2010, was $8,848.
The 2010 General Fund was $345,398, down by $161,540 from 2009.
The town's long-term liabilities decreased by $107,093 for 2010 with no new debt issued.
Property tax, sales tax and other tax accounted for 61 percent of the general revenues or $75,085.
"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," the auditor report states.
The report states Crawford budgeted $294,949 for 2010 expenditures, but the actual expenditures were $303,912, with no amendments submitted for the original budget for the General Fund.
Crawford's investment in capital assets for its governmental and business-type activities was $2,171,127.
"The Town is in good financial condition," stated the auditor. "The Town's General Fund has a fund balance that will cover three years of normal expenditures."
In the auditor's summary, the following was noted:
• The town has elected not to follow subsequent private sector guidance.
• During the fiscal year when the town clerk determines that expenses will exceed those estimated in the budget, the town council by resolution may make supplemental appropriations.
• The town clerk at any time during the fiscal year may transfer part or all of any unencumbered appropriation balance within a department.
• The town could be in violation of Colorado Local Budget Law because actual expenses exceeded budgetary amounts in the Sewer, Capital Reserve and General Funds. Regarding this, both Peter Blair of Blair and Associates and the State Office of the Auditor said there is no punitive action taken because of this.
•The Town does not have a deposit policy for custodial credit risk. The Town's bank balances of $368,946 was covered by federal depository insurance.
•The Town does not have an investment policy other than money market CDs.
•The Town has not experienced fair value losses for the past five years.
The Town of Crawford has invited Blair and Associates to attend their work session on Jan. 18 to discuss the 2010 audit.blog comments powered by Disqus