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Kincaid audit shows $384,000 in water/sewer project assets, proprietary funds dip $284,000
Summary
Auditor Kevin Buckley reported that proprietary funds fell about $284,000 after the village recorded roughly $384,000 in capital asset purchases tied to a water/sewer project; he noted the water fund was up about $30,000 while the sewer fund declined.
During the Sept. 3 special meeting, Auditor Kevin Buckley said the village's proprietary (enterprise) funds—primarily water and sewer—were down overall because the village began recording capital purchases tied to a project.
Buckley reported that "it was down two hundred and eighty four thousand dollars overall and of that is becasue you started your project and spend three hundred and eighty four thousand in assets that were purchased as part of this process." He said the water fund increased by roughly $30,000, while the sewer fund showed declines: the sewer cash and CDs were down about $29,000 and operating results were weaker due to no recent rate increase and lower gallons sold.
The auditor noted professional fees and utilities were lower year‑over‑year and that insurance expense was allocated out of the general fund rather than proprietary funds. Trustees did not ask follow‑up questions about the project spending or timing in the minutes provided.
