By Rebecca Dopp
Times-News Correspondent
Auditor Greg Ogden found Levan Town to be in good
financial shape when he gave his report to the town council
Dec. 10.
Ogden first gave his management report which found Levan
making improvements in areas that he had made comments about
last year. He stated that the town had several bank accounts
and that although some had been reconciled each month,
others were not. He recommended that the town secretary
Carol Mattinson reconcile the accounts regularly.
Another finding was that two departments had overspent
their budget. Ogden's recommendation was to take a look at
it and amend the budget where needed.
Ogden then presented the financial statements for the
town. The councilmen were excited to see that it was not
very thick, supposedly a good sign.
The first item presented concerned the pooled cash and
that it had increased in one year from $68,000 to $110,000.
Class C road cash had also increased from $2,000 to $65,000
approximately.
"It's about a $100,000 increase in cash. . .it's a great
thing to have happen." Ogden stated, "It's nice to have more
cash than you've been used to having in the past."
Fund balances reserved for Class C roads went from $2,000
a year ago to $42,605.
"That's actually the amount that should be reserved for
Class C roads," Ogden said. "That plus the amount received
in July of 2003 of $10,800 would be the balance that should
be in the Class C road/PTIF account. It looks like you have
spent money on roads in the past that hasn't been pulled out
of the PTIF account, and so there is $64,000 showing in
Class C roads, but only $42,000 should be in there." He
recommended that a transfer be made into the checking
account.
Mayor Bob Shepherd and Mattinson stated that they had
already transferred some money and already spent it.
Councilman Rod Wankier said that he would like to leave the
excess in the account and let it build up. Ogden said they
could do that, but they didn't have to.
Ogden moved on to expenditures and pointed out the
various areas where two departments had overspent. Total
expenditures was underspent by $13,000. He stated that if
the council had just shifted the money between departments
then they wouldn't have overspent and been fine.
Enterprise funds, such as cable and natural gas, had a
decrease in interest expenses from $41,000 to $31,000. Ogden
pointed out that the town's debt payments are being reduced
and the town is paying less in interest.
Ogden informed the council that next year the accounting
will be done differently because the Governmental Accounting
Standards Board issued a statement about eight years ago
stating that every city in the nation will have to change
how they do their accounting. This would mean that the town
would have to account for everything the same way with
additional accounting for streets, curb and gutter, and
debt.
Ogden commented on how easily this audit went and
attributed it to the Caselle program the town is now
using.
"Things have really improved. Financially, you are in
really good shape," he commented.
He also said that because of the purchasing of the
Caselle program he would drop his fee for this year
$1,000.
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