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Council accepts annual audit showing stronger balance sheet and new water-project debt
Summary
Auditor Diana Cornell reported improved net position driven by fixed-asset additions and developer-donated infrastructure; the council accepted the annual audit with no state compliance findings.
The Wellsville City Council accepted the city’s annual audit for the year ended June 30 during the Jan. 7 meeting after an overview by auditor Diana Cornell.
Cornell told the council "your total assets over every fund in the city . . . increased over 4 and a half million dollars over last year," driven largely by fixed-asset additions such as road improvements and new bleachers. She said total liabilities increased by about $1.4 million, largely because the city "had some new debt related to that water project" of roughly $1.7 million. On net, Cornell reported a stronger position: governmental funds showed total revenues of about $3.6 million (a decrease of roughly $132,000 from the prior year) and a net governmental 'income' of $761,000.
Cornell also reviewed business-type activities (water, sewer, stormwater), reporting revenues up about $100,000 and expenses up roughly $300,000, with net income up about $980,000 in part because developers completed infrastructure that the city recorded as more than $1,000,000 in contributed assets.
The audit work found no state compliance findings, which Cornell described as "a pat on the back." After brief questions from council members, a motion to accept the audit was made and carried.
