By JUDY SHERIDAN
Auditors gave the Town of Annetta a clean opinion on financial statements for the fiscal year ending Sept. 30, 2012, Peter Morgan, of George, Morgan and Sneed told the town council Thursday.
In addition, Morgan said, the firm did not identify any deficiencies in internal control that were considered to be material weaknesses.
In a letter accompanying the report, however, auditors remarked that the city’s small size does not allow for preferred internal controls and recommended the council remain active to provide oversight.
They noted that about $1.27 million of the city’s bank balances were not insured by FDIC and recommended the city establish procedures to monitor its balances and the collateral used to secure them.
Auditors also recommended the city establish a capitalization threshold amount for financial reporting purposes and adopt written procedures for budgeting, purchasing, capital assets, debt management and billing and revenue collection.
Financial highlights of the report, approved unanimously by the council, were:
• Net assets exceeded liabilities by $490,000.
• The city’s governmental activities reported unrestricted net assets of $290,500, but its business-type activities, which include water and wastewater services, reported negative unrestricted net assets of $176,000.
• The city’s total assets increased by $95,800.
• The general fund showed combined ending fund balances of $259,000, with $56,000 available for spending at the city’s discretion.
General fund net assets decreased by $4,500 during the year.
Revenues increased $34,000 or 33 percent over 2011, but expenditures increased $81,000, or 125 percent.
The revenue increases were due to a new franchise agreement — that increased franchise taxes — and an increase in permits for new homes, with four more permits issued in 2012 than in 2011.
Expenditures exceeded budget appropriations by $48,000. Professional services exceeded the budget by $61,000, mainly due to attorney fees related to Water Way Ranch.
Road maintenance was $8,000 less than budgeted, and administrative expenditures were $5,000 less than budgeted.
The city’s investment in capital assets — including land, office equipment, vehicles and water and sewer systems — was listed as $6.5 million. The city spent $386,000 during the year to construct and equip extensions and improvements to the water and sewer systems.
The report noted principal payments of $80,000 and interest payments of $300,000 on the $6.8 million in certificates of obligation issued in 2010 for the purchase of the Deer Creek water and sewer system.
Water and sewer fund
The total net assets of the water and sewer fund doubled from $99,000 to $200,000 from 2011 to 2012. However, auditors noted that the balance of unrestricted assets — those that could be used for discretionary purposes —had a negative balance of $176,000, as noted earlier.
Next year’s budgets and rates
For 2013, the general fund’s revenues and expenditures are budgeted at the same amount, about $121,500. The water and sewer fund’s revenues are budgeted at $1,338,000 with expenses at $1,306,100.
In other action, council members:
• Voted to move $15,000 from administrative operations to professional services to pay legal fees.
• Announced they would interview the top four candidates for city secretary Saturday, March 2. The city has received about 20 applications for the position; 10 of the candidates introduced themselves to the council in a public meeting prior to the council session.
• Adopted purchasing and ethics policies.
• Appointed Jenni Swink and Mark Wright to the Water Advisory Committee.
• Approved a contract with Blackboard Connect.
• Called a muncipal election for May 11.
By JUDY SHERIDAN
- Aledo ExtrA
Christmas Tyme in Aledo rescheduled
Due to the wintry weather predicted for the area, Aledo city officials have decided to postpone Christmas Tyme in Aledo from Saturday, Dec. 7, to Saturday, Dec. 14. The event will be held from 5 p.m. to 9 p.m. with most activities centered in the historic downtown area.
Aledo ISD playoff game cancelled
The Aledo Bearcat AAAA Divison II State Quarter Final football playoff game set for tonight, Thursday, Dec. 5, has been cancelled due to weather conditions.
All-district volleyball - Classes 5A-4A-3A
Parker County volleyball polished off another stellar district-play year in November. The counties’ schools netted two outright district titles, a district co-champion, a district runner-up and a playoff-qualifying third-place finisher.
Celebrity cutters lined up for Friday’s Careity benefit
For more than a decade now, one event has served as a big help for the Careity Foundation in terms of funds and donations.
The National Weather Service in Fort Worth has issued a winter storm warning for freezing rain and sleet across North and West Texas, including Parker County, for the period 6 p.m. Thursday through 6 p.m. Friday.
Bearcats to encounter Coyotes, wintry threat
Aledo vs. Wichita Falls High
Time: 6 p.m., Thursday
Site: Northwest ISD Stadium — 18501 Hwy 114, Justin
Type: Class 4A, Division II, Quarterfinal (Region I final)
Last year: Did not play
Aledo ISD football playoff game rescheduled
The Aledo ISD AAAA Divison II State Quarter Final Football Playoff game has been rescheduled to Thursday, Dec. 5, at 6 p.m.
Hancock runs in Thanksgiving Trot
Heart transplant recipient and teen Dylan Hancock, who will receive the proceeds from this year's Thanksgiving Trot for a new home, ran in the 1-mile event in the Aledo area on Thanksgiving Day alongside mentor and friend Rob Helms.
Parker County jail facility under discussion
Community Education Centers, the company Parker County contracts with to manage the Parker County Jail, has offered to build a work-release low-security jail facility for the county free of charge.
Parker County earthquake tally rises
Two more minor earthquakes rattled northeast Parker County Tuesday, Nov. 26, bringing the total number of earthquakes last month to 17.
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