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Audit: Hyde Park Reports $52M in Assets, Notes Two State Compliance Findings
Summary
Auditors reported Hyde Park’s total assets at about $52 million with a $5.5 million increase in equity; they cited two state compliance findings: general fund balance above the state threshold (41% vs. 35%) and a $64,000 overage in the sewer/storm fund.
Hyde Park — Auditors from Ritchey May presented the city's annual financial report Dec. 10, reporting roughly $52 million in total assets and a net increase in equity of about $5.5 million for the year.
Auditor Diana Cannell summarized key figures: total assets rose approximately $5.7 million versus the prior year, driven largely by capital improvements; business-type activity net income (water, sewer, stormwater) was about $900,000, down from the prior year largely because the city recognized fewer nonoperating grant contributions. "Most of that came from your fixed assets, your capital improvements that you did within the city," Cannell said.
The auditors reported two state compliance findings: the city's unreserved general-fund balance was 41% of current revenues, exceeding the state's 35% threshold by roughly $410,000; auditors recommended transfers to capital-project funds or planned expenditures to bring the balance into compliance. The second finding was a small budget variance—about $64,000 over budget—in the sewer/storm fund related to timing and billing cycles.
City staff responded that corrective actions are in progress, including a corrective-action plan for fund balance and improved timing/accounting for sewer billing. Council thanked audit staff and acknowledged the city's success in securing substantial grant funding in recent years.
