Weatherford Democrat

Aledo ExtrA

February 26, 2013

Town of Annetta gets clean audit

ANNETTA — 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

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.

Capital assets

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.

Long-term debt

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.

 

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