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
  • EXTENSION NEWS: Take a mind vacation

    For many of us, every day has some sort of stress associated with it. Whether it is something at home or at work, it seems like there are a million things stressing us out and making us feel overwhelmed.

    April 20, 2014

  • VETERANS’ CORNER: Veterans’ needs the target of recent discussions

    Ministers responsible for Veterans Affairs and officials from Australia, Canada, New Zealand, the United Kingdom and the United States completed a series of meetings April 8-11 at the United States Military Academy at West Point, N.Y., discussing the latest research, best practices and various areas of collaboration to address the growing needs of veterans.

    April 20, 2014

  • 0420 loc PCMG rusty blackhaw viburnum 026.jpg ASK A MASTER GARDENER: Blooming natives add color to Texas landscapes

    Here are this week’s gardening questions and answers, provided by Parker County Master Gardeners. To submit a question, send it to pcmgaquestions@gmail.com. For more information about Parker County Master Gardeners, or to become a member, call 817-598-6096 or visit www.pcmg-texas.org.

    April 20, 2014 1 Photo

  • Taste of Parker County logo.jpg Canyon West to host Taste of Parker County

    Prepare your taste buds, because the sixth annual Taste of Parker County is just a few short weeks away, and this year’s event has moved to a larger location to accommodate even more great eats and treats.

    April 19, 2014 2 Photos

  • Grand jury indictments for April returned

    A Parker County grand jury on Thursday indicted a man accused of breaking into his neighbor’s home and threatening him with a BB gun before engaging in a brief standoff with deputies.

    April 19, 2014

  • IMG_7134.JPG Despite cold, peach crops looking rosy

    Parker County peach growers won’t know for sure for a few more days, but as of Wednesday, one day after April temperatures plummeted into the low 30s, they’re predicting a good, even rosy, peach harvest for this year’s Parker County Peach Festival.

    April 16, 2014 1 Photo

  • Aledo ISD "Shattered Dreams" and parent workshop

    Aledo ISD high school students will get a taste of what it’s like to be in a car accident with fatalities Thursday, April 17th, and Friday, April 18th, as they participate in “Shattered Dreams,” a program designed to save lives. A parent workshop about the topics addressed in the program will be held from 7 p.m. to 9 p.m. Wednesday, April 17.

    April 16, 2014

  • Hitting the trail for MS

    STEPHENVILLE – The Cowboy Capital MS Trail Ride is a fun-filled event dedicated to raising funds that support national research into the cause and cure for Multiple Sclerosis as well as provide programs to more than 9,000 people in the Lone Star Chapter area whose lives are touched by MS.

    April 16, 2014

  • Parker County man killed in single-vehicle wreck

    A 60-year-old Parker County man was killed around 9:30 a.m. Tuesday in a one-vehicle crash in the 2100 block of FM Road 3325, also known as Farmer Road.

    April 15, 2014

  • hiebert_kim.jpg Aledo City Council Place 4 candidates for May 10 election

    Early voting for the May 10 general election begins April 28. Following is some information gathered from the candidates for the Place 4 Aledo City Council seat. Aledo Mayor Kit Marshall is running for re-election unopposed.

    April 15, 2014 2 Photos

Must Read
Top News
House Ads
AP Video
Raw: More Than 100,000 Gather for Easter Sunday Raw: Greeks Celebrate Easter With "Rocket War" Police Question Captain, Crew on Ferry Disaster Raw: Orthodox Christians Observe Easter Rite Ceremony Marks 19th Anniversary of OKC Bombing Raw: Four French Journalists Freed From Syria Raw: Massive 7.2 Earthquake Rocks Mexico Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Deadly Avalanche Sweeps Slopes of Mount Everest