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.

 

1
Text Only
Aledo ExtrA
  • 0725 one arson.JPG Suspicious house fire under investigation

    The Weatherford fire marshal says a fire that damaged a house and killed two puppies Wednesday night is being investigated as a suspicious fire and a suspect is in jail on unrelated charges.

    July 24, 2014 1 Photo

  • CPS data.jpg Case overload

    Parker County Attorney John Forrest will ask county commissioners for additional funds as county budget discussions begin this year; he hopes to hire another attorney to help with an increase in Child Protective Services cases.

    July 23, 2014 1 Photo

  • Richard Adams Sr. Firefighter arrested on child sex assault charges

    A volunteer Hudson Oaks firefighter is in the Parker County Jail on charges he repeatedly sexually assaulted two young relatives over a several year period. 

    Richard Frederick Adams Sr., 62, arrested Monday, faces two charges of continuous sexual abuse of a child under 14, a first-degree felony.

    July 23, 2014 1 Photo

  • Developer withdraws site plan

    ANNETTA —A controversial 34-home subdivision proposed for a 41-acre tract on Duncan Road will not go forward as planned, according to action taken by both the proposed developer and the Annetta Town Council after a public hearing Thursday night.

    July 22, 2014

  • Aledo City Council to meet July 24

    The Aledo City Council will meet at 7 p.m. Thursday, July 24, in the Aledo Community Center, 104 Robinson Court, Aledo.

    July 22, 2014

  • oak leaf ladder shot.jpg Fires damage business, home

    Two separate fires around 2 p.m. July 15 damaged a Willow Park business and destroyed the home of a Weatherford family.

    July 22, 2014 1 Photo

  • Letter to the Editor

    Dear Editor,
     Thursday night, July 17, I was present for a surprisingly interesting experience when State Representative candidate Matthew Britt addressed a small group of supporters, followed by a question and answer session.

    July 22, 2014

  • ESD 1, Annetta South close on fire station site

    Parker County Emergency Services District No. 1 and Annetta South officials said Tuesday that the ESD is homing in on a site for a new fire station to serve residents in the Annettas and surrounding areas. Annetta South is expected to consider a zoning change to accommodate a new station next month.

    July 22, 2014

  • Registration has begun for Aledo ISD

    Aledo ISD enrollment for the 2014-15 school year began yesterday, July 21, and students new to the district need to register before school begins, Monday, Aug. 25.

    July 22, 2014

  • County scrambling to fill elections post

    Former Parker County Assistant Elections Administrator Laura Watkins, who sought, but was not appointed to the post of Parker County Elections Administrator after Robert Parten retired, last week began work as assistant elections administrator for Palo Pinto County, Palo Pinto County Elections Administrator Judith Evans has confirmed.

    July 22, 2014

Must Read
House Ads
Top News
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow