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Laurium council: audit complete, General Fund balance about $580,000; village no longer considered financially distressed
Summary
The Village of Laurium’s council heard its completed audit and was told the General Fund holds roughly $580,000; officials said the village is no longer classified as financially distressed. Council also learned of an expected $30,000 refund from 2021 and invited the auditor to the October meeting.
The Village of Laurium council reviewed its annual audit and was told the General Fund balance stands at about $580,000. Council members said the village is no longer considered financially distressed.
Council also noted a possible refund of approximately $30,000 owed to the village from the first quarter of 2021 and that one IRS quarterly payment was $30 short but was corrected. Council agreed to invite Auditor Sue Sanford to the Oct. 1 meeting to discuss the audit report.
The announcements came during new business at the Sept. 17 regular council meeting, where routine consent items — the agenda, Aug. 20 minutes, and prepaid bills totaling $72,792.83 and merchandise accounts of $37,886.60 — were approved unanimously. Erickson made the motions to approve those items and Galbraith seconded; each carried 4-0.
The audit-related discussion included staff estimates of payroll wage savings of about $30,000 in the General Fund and a note that payroll costs in the water fund are reimbursed from a grant. Council did not vote on any changes to fiscal policy at the meeting but scheduled the auditor to present details in October.
What’s next: Auditor Sue Sanford will be invited to the council’s October meeting to review the audit findings and answer council questions.
