AUDIT AND ORDINANCES 2-20-13 LMS
The Salmon City Council has unanimously voted to approve the 2012 audit prepared by Certified Public Accountant Bob Baker.
Baker presented the final audit to the council at its February 20 meeting, gave a brief explanation of audit results and answered council questions. He said that all city funds are in the black and that all funds had more revenues than expenditures. He found most of the financial activity occurred in the Water and Sewer enterprise fund where a 1990 bond was retired and the 2012 bond was refinanced. Baker said the decision to refinance the current bond was a very sound business decision and will result in a very substantial savings over the next ten years.
In answer to a question from Councilman Jim Kluesner, Baker explained the two methods of accounting that are required. One deals with fund balances and is basically a record of cash receivables minus any debts. The other is a full accrual government-wide financial statement. It is far more detailed in that it recognizes any outstanding debts and capital expenditures as well as any fixed assets.
After touching on deferred taxes, compensated liabilities, depreciation of assets and net assets he referred councilmen to an overview summary included in the audit report. Baker said he had no real financial recommendations for the council other than to keep up doing what itís doing.
Other measures passed by the council included the third and final reading of Ordinance 13-787. It revises the process followed on delinquent utility accounts and shut off procedures.
Ordinance 13-788 deals with giving the council authority to waive utility fees in the event of extreme situations which cause a property to be destroyed or made uninhabitable. The ordinance was passed on a second and third reading motion. Both ordinances were adopted unanimously and will take effect upon official publication in the newspaper.
Later in the meeting the council granted a utility fee waiver request by owners of a Lombard Street home that was destroyed by fire late last year. The vote to grant the request was contingent upon publication of Ordinance 13-788.
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