Goodrich-By a 5-0 vote on Monday night, the village council accepted an audit report from Lewis & Knopf for the fiscal year ending June 30, 2015.
Stephanie Kraus, senior staff accountant for Lewis & Knopf, delivered the report to the council. According to the 2015 audit, the village general fund decreased by $896 during the year ending June 30, with $310,010 in the village coffers.
In comparison, the 2014 audit ended with a decline of $7,908 to $310,906 in general funds.
Based on a current budget of $623,804, the village has about 51 percent, or six months in reserves, reported Kraus. In comparison, during the 2014 fiscal year $613,064 was budgeted with expenditures of 51 percent left in the coffers.
‘We started saving when times were better to keep a sufficient fund balance,? said Jakki Sidge, village administrator. ‘We keep a healthy fund balance, but don’t make it a savings account, rather we keep enough funds available to cover emergencies. Right now the village has the (Wheelock & Watkins) drain and the village lawsuit pending. So there’s several uncertainties.?
Village officials budgeted $632,000 in revenues for the 2015 fiscal year and $623,000 was actually reported, about $9,000 under budget. Conversely, $652,000 was budgeted for expenditures in 2014 with $624,000 reported? $29,000 under budget.
Current long term debts are now $1,146,000, a decline of $12,000 from the $1,158,000 reported on June 30, 2014, which includes the village office building that will be paid off in 2044.
‘Currently there are no planned large expenditures for the next year,? Sidge said. ‘However, there will be amendments to cover the village attorney fees due to the pending lawsuit. Right now $15,000 per year is set aside. That’s one of the biggest unknowns we have in our budget planning.?