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PRELIMINARY AUDIT REPORT 2-6-13 LMS

Certified Public Accountant Bob Baker delivered an overview of a preliminary Fiscal Year 2012 audit report to the February 6 meeting of the Salmon City Council.

He announced that all fund balances are in good shape and have actually increased over the last year. “I think the Finance Committee has done a solid job in watching the expenditures and the budget monies and all the funds are in healthy shape.”

By ‘funds’ he meant the individual accounts for Cemetery, Streets and Alleys, the General Fund and Water and Sewer. Baker said the cash flow in those funds is doing well in terms of liquidating and paying down the debt, particularly the Department of Environmental Quality loan.

He said the refinancing of the 2012 bonds looks like a good move, dropping the interest rate down to from two percent to five percent on a rotating basis. Baker said the refinancing will keep the cash flow in check regarding financial resources involved.

As far as general activities in the funds there wasn’t a lot of major capital outlay last year. The three largest improvements were the roofing projects on City Hall, the Police Department and the swimming pool facility building. In addition to those three projects, one Chevrolet Tahoe was purchased. There were no major grants during 2012. The Byrne Grant has basically ended with just a little receivable money still on the books. Baker said that no “Single Audit” report was necessary since there were no federal monies over $500,000 involved. He said the 2012 Fiscal year for the city was a pretty solid year. “Overall, a pretty standard year. A good year I think financially, in terms of the budgetary information that you guys followed and also the expenditures and diligence in keeping the ship afloat and, I don’t think there are any surprises.”

Baker asked everyone to review the 30 page report. He will return to the council in a couple of weeks with the final audit and told council members to call him with any questions they may have while studying the report. In the meantime City Finance Director Amy Fealko will prepare a Management Discussion and Analysis to attach to the final audit. It will touch on the audit highlights as well as any future financial needs for which the city needs to plan.


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