Goodrich-By a 5-0 vote on Monday night, the village council accepted an audit report from Lewis & Knopf for the year ending June 30, 2012.
Steve Kidd, CPA for Lewis & Knopf, delivered the report to the council. According to the audit, the village general fund increased by $56,835 during the year, with the increase appearing in cash and the fund balance. In addition, revenues for the year declined by about $4,000.
‘Compared to last year, increases in state revenue was due to population growth reported in the United States Census,? said Jakki Sidge, village administrator. ‘The state goes on a budget year from Sept. 1 to Oct. 31, so calculations of the revenue is sometimes difficult for the audit.?
Between 2000 and 2010 the population of the village jumped from 1,353 to 1,860, prompting state revenues to increase from about $85,000 to $117,000 in 2011, she said.
Similarly, overall expenses declined by about $21,000, according to the audit.
‘Not as much money was transferred in to major or minor roads from the general fund,? she said. ‘In addition the Fox Hollow and Rose Lane projects came in under budget. We also didn’t spend everything that may have been budgeted on winter road maintenance.?
The village coffers now include $350,362 in fund equity. Based on a current budget of $589,607, the village has about 59 percent, or six months in reserves, reported Kidd.
‘Right now we are debt free with the exception of the village building,? she said. ‘This year we are going to do a bond project for the Dutch Road Bridge set for 2013 and Erie Street in 2014.?
The only remaining debt will be $54,000 per year to cover the $964,000 for the village building. The debt will be paid off in 2044, added Sidge.