Orchard City audit shows solid town finances
By Hank Lohmeyer
Published Thursday, September 7, 2017 8:59 am
The Orchard City Town Board received results of the town's 2016 financial audit at a special meeting on Aug. 31.
Total assets across all six of the town's budget funds increased by $500,000 last year, according to the report. "In 2016 the town was better off financially than in 2015," said auditor Pete Blair.
Trustee Craig Fuller asked for an opinion of town finances. Blair replied, "Look at the general fund. You have about $2.6 million resources and operating expenses of $217,000. It tells me that's a very healthy balance."
Mayor Ken Volgamore asked if the town was investing its money correctly.
Blair replied, "You have to follow the Colorado Revised Statutes." Town Administrator Melissa Oelke added that liquidity and safety are most important. "The town follows Department of Local Affairs guidelines," she said. The town has about $2.5 million in its water funds and about $5.9 million cash overall, according to the report. Figures are for Dec. 31, 2016.
Water fund expenses in 2016 were $570,364, well below the budgeted $1.07 million because of projects that were in the budget but not completed. The fund was described by Blair as "Adequate, just about average."
Total fund balance and available resources at the end of 2016 in the general fund were $2.66 million compared with $2.56 million in 2015. For the road fund they were $554,551 compared with $480,056 at 2016 year end.
Actual revenues compared with those projected by the budget at the beginning of the year were all higher.
Operating expenses for all funds were lower than budget projections.