Kincaid auditor: $74,000 in capital purchases, trustees urged to tighten monthly oversight

At a Sept. 3 special meeting of the Village of Kincaid, Auditor Kevin Buckley presented the annual audit and highlighted capital purchases and several control weaknesses.

Buckley told the board that "you borrowed around seventy four thousand worth of fixed assets," explaining those purchases were capitalized because they are expected to last more than one year and reduced available general‑fund cash. He said overall total revenues were down "about one nineteen" (roughly $119,000), driven mainly by lower grant receipts, while general‑fund expenditures were up about $78,000.

The auditor walked trustees through fund‑level changes: the general fund cash and CDs declined roughly $41,000, motor fuel tax receipts were up about $36,000 year‑over‑year but will face pressure when planned road work occurs, and the drug‑and‑education fund was nearly depleted. Buckley noted specific expenditure drivers in the general fund, including approximately $33,000 recorded as insurance expense and roughly $18,000 spent from a state grant.

Buckley closed his presentation with internal‑control recommendations: maintain receipts for every transaction, have a board member review monthly statements, and ensure required reporting (including a 1099 for "Mr. Ruyle") is completed. He said these steps were "one of the best control features you can have." No trustees asked questions following the presentation.

The meeting adjourned shortly after the auditor's report.