Goodrich-The village received a ‘Clean Audit,? opinion from Lewis and Knopf, CPA the highest level of assurance for financial statements.
The audit was discussed at the Monday village council meeting.
The actual fund balance is up to $227,896 about 38 percent of the total expenses of $584, 907 for the village. The fund balance is the excess of a district or municipality’s assets above its liabilities (what the district owns minus what it owes). While cash is an asset, it’s only one of many of an institution’s assets ? others include: accounts receivable, prepaid expenses, supplies, equipment and buildings.
The village ended the fiscal year with $50,367 over the budgeted amount, according to the audit.
‘That was done with being frugal with the village money,? said Jakki Sidge, village administrator. ‘There were cuts in the budget, no crack sealing, no spraying of the mill pond’we did not spend the money allocated.
‘We pay attention to the dimes and nickels, so at the end of the year we can end up with a fund balance.?
Sidge said state constitutional money declined from $92,341 to $89,888 while statutory funding dropped from $2,500 to $2,131. Property tax collection was at $374,377 up from $368,746.