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Auditor reviews Lake Hallie's 2024 financials; water utility meets debt-coverage requirement
Summary
Baker Tilly auditor Nick Goeman presented the village's 2024 audited financial statements to the board, highlighting general fund balances, debt capacity as of Dec. 31, 2024, and that the water utility met a 1.10-times annual debt-service earnings requirement for 2024.
Nick Goeman of Baker Tilly US, LLP reviewed the Village of Lake Hallie's 2024 audited financial statements for the Village Board. The presentation covered the general fund's fund-balance categories and trends, a summarized income statement of revenues and other financing sources, and the Village's general obligation debt capacity and debt outstanding by type as of Dec. 31, 2024.
The audit report noted the Village water utility's revenue bonds require earnings of 1.10 times the annual debt service. According to the audit, net revenues as a percentage of annual debt service for 2024 exceeded that 1.10 minimum, and therefore the debt-coverage requirement for the water utility was met for 2024. The minutes do not record additional detail on exact dollar amounts in the public record excerpt.
