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Finance committee: auditors issue clean opinion; council approves tax-correction refunds and chargeback appropriation
Summary
Baker Tilly presented an unmodified (clean) opinion on the City of West Bend’s 2024 financial statements, while the finance committee and common council approved several tax-correction refunds and a resolution to appropriate chargeback revenues to offset erroneous tax refunds.
The City of West Bend’s finance committee received the city auditor’s 2024 presentation June 16, during which Baker Tilly principal Andrea Jansen said auditors issued an unmodified (clean) opinion on the city’s 2024 financial statements while noting a new GASB accounting standard and a material weakness in internal control reporting tied to auditors assisting with financial statement preparation.
Jansen said the city’s general fund reported a total fund balance just under $14 million at year-end, with an unassigned balance of roughly $9.1 million and a new committed balance of about $2.2 million earmarked for Fire Station 1. She noted the city’s unassigned fund balance remains within its policy range and comparable to similar Wisconsin communities. Jansen also reviewed debt metrics, noting the city’s general obligation debt is well under the state statutory debt limit (5% of equalized value) and that other liabilities (leases, SBITAs and finance purchases) total about $1.9 million.
The committee also considered administrative items. Carrie (staff member) presented a resolution requesting that chargeback funds from Washington County, Moraine Park and the West Bend School District be appropriated to the assessor’s department budget to offset erroneous, rescinded or settlement tax refunds payable after council approval; the council approved the resolution.
In a separate presentation before the finance committee, the assessor (John) explained corrections to three parcels that will result in refunds: two condominium units on Sunset Ridge Drive (an incorrect assessed value corrected from $303,200 to $161,000 combined; refund $3,668.78 for two years) and an airport hangar at 310 Bridle Drive that had been assessed in 2024 but was previously exempt; refund $5,806.06. The council approved the related resolutions.
The committee adjourned after approving the audit-related communications and the tax-correction resolutions; staff noted a separate single-audit report on federal and state grants will be issued later in the year.
