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Highland Park audit shows clean opinion; water utility posts net loss, rate study planned
Summary
Auditors gave the Village of Highland Park an unmodified FY 2023-24 opinion, reporting $1,262,965 in net position and a $70,668 positive change; commissioners were told the water utility is operating at a net loss and directed staff to complete a water rate study before budget deliberations.
The Village of Highland Park Commission on March 26 heard an FY 2023-24 audit with an unmodified (clean) opinion, but also learned the village’s water utility is operating at a net loss and will undergo a rate study before the next budget cycle.
April Cooper, C.P.A., of Wicks, Brown, Williams & Co., presented the audit to the commission and reported total net position including assets of $1,262,965 and an overall positive change in net position of $70,668 for the fiscal year ending Sept. 30, 2024. "The audit report was an unmodified opinion," Cooper said.
The auditor told commissioners the General Fund had excess revenues over expenditures of $116,476. Cooper said ad valorem proceeds rose by about $22,700 from the prior year and interest income increased by about $30,000. The Statement of Revenues, Expenditures, and Changes in Fund Balances showed that expenses were within budget.
The audit’s Management Letter noted one budgetary issue in the Enterprise (Water) Fund: expenditures exceeded available budget by $9,493, primarily because of unanticipated water usage and charges from the interlocal water connection. Cooper said there were no internal-control findings in the auditor’s report.
City Manager Ric Busbee told the commission the Village of Highland Park Water Utility is operating at a net loss and confirmed a water rate study is underway with the Florida Rural Water Association; he said the study will be completed prior to budget discussions. Busbee also noted a recent water outage was handled automatically by the interconnect with the City of Lake Wales and that the interlocal connection has been expensive.
Cooper reported the village complies with Section 218.415, Florida Statutes, on investment of public funds for the fiscal year ended Sept. 30, 2024.
Votes at a glance: Commissioners adopted the minutes from the Jan. 22, 2025 regular meeting by motion of Commissioner Derek Camann, seconded by Commissioner Amanda Updike; the motion passed unanimously.
