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Clifton council approves auditor engagement, hears Treasurer report showing small year-to-date loss
Summary
The Clifton Town Council approved a letter of engagement with Anderson White, CPA for the town audit and accepted Treasurer Marilyn Bartons report, which showed a cash balance of $698,158.19 and a small year-to-date operating loss. The council also reviewed basketball-court costs and investment options.
The Clifton Town Council on Sept. 3 approved a letter of engagement with Anderson White, CPA, to perform the town audit and accepted Treasurer Marilyn Bartons monthly financial report.
Treasurer Marilyn Barton told the council the towns cash balance as of Aug. 31 was $698,158.19, and she summarized year-end cash balances for the previous three fiscal years: $532,606.32 (FY 2011), $677,574.15 (FY 2012) and $702,230.16 (FY 2013). Barton said year-to-date operating revenues were $12,548 against expenses of $16,937, producing a current net loss of $4,388 and a stated "Net Income Less Expense" loss of $8,185 as of August. Barton also presented Cardinal Bank investment options and said she would meet with the bank manager to explore additional options for the town.
The council voted, by roll call, to approve the engagement letter for Anderson White with language requiring "reasonable" travel costs and disclosure of hourly rates. Councilor Wayne Nickum made the motion and Dwayne Nitz seconded; Wayne Nickum, John Powell, Deborah Dillard, Dwayne Nitz and Bill Hollaway were recorded as voting AYE.
Barton also reported on the Basketball Court Improvement project: total expenses were $19,031, with a Clifton Business Association contribution of $13,000 and a town commitment of $5,000, leaving $1,031 to be requested from the CBA. She said she would verify all costs with Steve Bittner and ask him to communicate about covering the remaining amount.
The council then voted to approve the Treasurers Report as presented. The motion to approve the report was made by Wayne Nickum and seconded by John Powell and passed unanimously.
The council added a number of follow-up items to future agendas, including seeking more detail from the proposed auditor on travel and hourly rates and a scheduled follow-up on investment options.
