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Auditor gives Leitchfield utilities "clean" opinion for 2023–24; small profit reported
Summary
Taylor Poisson & Company presented an unmodified opinion on Leitchfield utility system finances for the year ended June 30, 2024, reporting a $4,055 net income, roughly $39.9 million in assets and $17.8 million in liabilities; auditors noted one page error to be corrected before final printing.
Jeff Carter of Taylor Poisson & Company presented the 2023–24 audit for the Leitchfield Utility System and delivered an unmodified (clean) opinion on the system’s financial statements.
“In our opinion, the financial statements referred to above present fairly in all material respects the respective financial position of the business-type activities and the major fund of the Leitchfield Utility System at June 30, 2024,” Carter said, reading the auditor’s opinion aloud.
The audit shows total assets of about $39.9 million and total liabilities of about $17.8 million, leaving a net position of roughly $21.27 million. Operating results across water, sewer and gas produced a net income of $4,055 for the fiscal year, driven in part by interest expense tied to a recently completed water plant, the audit states.
Carter told commissioners the audit report includes detailed schedules: current cash of about $7.7 million, restricted cash of about $5.7 million, and capital assets with a gross value near $57.2 million and net book value around $26.1 million. The city’s outstanding bond principal is listed at about $13.2 million; combined with other obligations the total debt in the report is $17.8 million with maturities extending to 2061.
Carter noted one printing error in the bound copy (an incorrect page 8) that staff will replace before final distribution but said the error does not affect the audit opinion. He also reported there were no internal-control or compliance findings in the auditor’s report.
The audit letter to commissioners explained an adjusting entry from the Commonwealth of Kentucky related to pension/OPEB reporting. Carter said the OPEB plan moved from a liability to a net asset of $72,000 in the audit and that the pension plan remains reported as a liability; the auditor said those entries reflect state-provided pension data and timing of state adjustments.
Commissioners asked clarifying questions during the presentation; there was no material disagreement recorded and the commission thanked the presenter.
The audit will be corrected for the printing error and the updated bound copy will be provided to the commission.
