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Council reviews April–May financial report; chair highlights $123,000 payment for Well Number 3
Summary
Council reviewed the end-of-May balance sheet showing a year-over-year cash decline of about $42,000 that includes a $123,000 payment related to Well Number 3; accounts payable was listed at $32,002.57 and fixed assets net of depreciation were reported at $739,000.
Chair R. B. Davis presented the financial statements for April and May and walked the council through balance-sheet items. He said the city’s cash position at the end of May was down roughly $42,000 year-over-year and noted that decline “includes, paying for well number 3, a $123,000.”
The statements listed accounts payable at $32,002.57 and fixed assets — net of depreciation — on the books at $739,000. Chair Davis emphasized the reports were prepared on a cash basis and explained accrual adjustments are made at year end.
