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PRELIMINARY AUDIT REPORT 2-1-12 LMS

Certified Public Accountant Bob Baker told the Salmon City Council February 1 that according to his preliminary audit statistics all city funds are in the black.

The 40 page preliminary audit document included a Management Discussion & Analysis by City Finance Director Amy Fealko. Baker said the major financial events of the past year involved the Sacajawea Center Fund merging with the General Fund and the transfer of Fire Department Assets to the Lemhi County Fire Protection District.

He reported the General Fund had an operating fund balance of around $520,000 at the end of the fiscal year and that the Streets and Alleys Fund, which was at a negative last year, is now in the positive situation of having about $52,000.

Baker said the Local Option Tax Fund is in the black as is the Cemetery Fund. He said, “All of the governmental fund types have positive cash and positive fund balances as of the end of September 2011.”

One of the largest transactions in the Enterprise Funds, sewer and water, was in the sewer fund where there were capital improvements that are still a work in process. He said that expenditure was about $272,000 and there was still a cash flow to make that transaction work.

Baker complimented Fealko on her recap of payments which indicates the amount of current financial obligations on bonds and the Department of Environmental Quality loan.

He said as far as any additional capital outlay there was really very little. What there was went to the rest room facility at the cemetery, approximately $13,000, and around $21,000 for two police cars. Everything else was pretty much straight operational expense.

Baker said, “Basically, in a nutshell, I think it was a real positive year in terms of the financial condition of the city.”

He told the council he will return in a few weeks and in the meantime he will be happy to answer any questions council members may have as they study the preliminary audit report.


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