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McCullom Lake board accepts clean audit, reports stronger fund balances
Summary
The Village Board accepted an unmodified audit showing increased General Fund cash, repayment to the sewer fund, and positive operating results; auditors said fees cover sewer operating costs and reserves.
The Village of McCullom Lake Board voted Oct. 22 to accept the annual audit from GW & Associates, which issued an unmodified opinion on the village’s financial statements.
Joe Troyer of GW & Associates told trustees the audit shows General Fund cash rose by about $85,000 and the village recorded a $225,000 net income in the General Fund for the year (including a $57,000 transfer). He said the village repaid roughly $210,000 that had been recorded as due to the water/sewer fund, and the sewer fund held about $1,000,000 in cash. "In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the government," Troyer said on the phone.
President Marilyn Shepit told the board the repayments reflect earlier withdrawals from the sewer fund by a prior administration; Shepit said about "five or six hundred thousand dollars" had been taken from the sewer fund and that the current board has worked to restore those reserves. Trustee Bogacz and other trustees publicly thanked Deputy Clerk Prehn for work on the audit materials.
The board voted to approve the audit on a voice vote (ayes: Bogacz, Fritz, Thompson, Vick, Walter, Zakrocky). The approval followed a brief presentation describing the village’s assets (about $2 million in capital assets net of depreciation in the sewer system) and a $63,000 increase in the sewer fund’s net position for the year.
Trustees said the results give the village flexibility to continue paying down internal debt and maintain reserves for future infrastructure work. The board motion to accept the audit was moved by Trustee Vick and seconded by Trustee Zakrocky.
