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Auditor: No compliance findings; town reports general fund surplus and low debt on water bonds
Summary
An outside auditor told the Trenton council there were no findings in the agreed-upon procedures review; the general fund ended the year with roughly $700,000'$800,000 in surplus and water utility surplus of about $300,000, with approximately $1.4 million remaining in water bonds.
An auditor who presented at the Trenton Town Council meeting said the agreed-upon procedures review found no compliance issues and summarized the town's fund performance for the last fiscal year.
The auditor (speaker S9) told councilors and attendees that the compliance review covered roughly 30 areas and that there were no findings in the 28 areas examined this year. He said the general fund showed roughly $700,000 to $800,000 in equity (surplus) and the capital projects fund about $100,000; the water utility showed roughly $300,000 in cash surplus.
On debt, the presenter said the town paid down about $85,000 of water bonds during the year and had about $1.4 million remaining on water-related bond obligations, characterizing the debt as low-interest. "For the year, it was only around $30,000 in interest that you paid on the bonds," the auditor said.
The auditor recommended continued compliance practices (posting minutes, training) and offered to be available for follow-up questions. Council members thanked the auditor and noted the financial reports will be available on the state auditor's website.
The auditor presentation was informational; council took no formal action on the financial report at this meeting.
