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Council auditors report improved 2024 fund balances, water fund aided by rate increase
Summary
Dane Longerford, an auditor, told the council that the 2024 audit shows positive changes to several funds, citing rate increases, insurance proceeds and transfers to cover bond payments; the council moved to accept the audit but recorded no public vote before entering executive session.
Dane Longerford, an auditor "with Morgan and Nate," presented the town's 2024 financial audit and said the municipality showed overall positive changes in fund balances for the year ended Sept. 30, 2024. "So for this, 09/30/2024, you had a positive change in that condition of 736,000," Longerford said during his presentation, citing increases tied to service charges and a prior rate increase.
Longerford detailed multiple fund movements: the general fund showed an increase of about $176,000; the debt service fund reported $87,000 and transferred roughly $78,000 into the water and sewer fund to make a bond payment. He said operating revenues for the water fund were $2,198,000 — about $95,000 more than the prior year — and operating expenses in water were $2,283,000. He also reported roughly $441,000 in nonoperating revenue in 2024, primarily from an insurance hail claim, and attributed a portion of the improved balances to a garbage rate increase and higher charges for services.
Longerford told the council staff plans to schedule the fiscal-year 2025 audit (ending 09/30/2025) in January with a goal to complete it by March 31. Council members thanked the presenter and noted that completing the audits on that schedule would remove outstanding findings tied to prior periods.
The presentation did not conclude with a detailed, roll-call vote on acceptance of the audit in the public transcript; the council later moved into an executive session before any recorded public vote.
