Wausau hears annual audit

Published: Friday, June 20, 2014 at 13:31 PM.

WAUSAU - Wausau Town Council Members got a snapshot of the town's financial standing Thursday night when Hilton Galloway of Carr Riggs & Ingram presented the Wausau's audit for the fiscal year ending September 30, 2013.

The town's assets decreased by $39,714. Capital assets decreased primarily due to depreciation expense. The total net decrease was $115,109, with $2,504 current year additions and a depreciation expense of $177,613.

Current liabilities increased to $1,320, and total revenue decreased to $243,316, mainly due to a decrease in grant funds. According to Galloway's report, during the last two years, the town received a $600,000 Community Development Block Grant (CDBG) to acquire a backup well and expended approximately $1.3 million for water line replacement and extension. Of this amount, about $1 million was funded with grant funds, and the remaining $359,000 was financed with a low interest loan. In addition, the town received a $250,000 energy efficiency grant, which was fully expended in the 2012 fiscal year.

Council members were also informed the town's contingency fund for the current fiscal year has increased to $50,000.

Galloway did have some recommendations to improve internal controls for the council in the group's management letter.

"The town currently employs only one full time clerical employee (Town Clerk Margaret Riley)," stated the report. "This individual's responsibilities include billing, collecting, reporting, receipting, depositing, and recording all revenues. Additionally, she is responsible for preparing and documenting all revenues. This results in an inadequate separation of duties relating to the control and recording of receipts and disbursements."

The report went on to say the town lacked sufficient clerical personnel to design and implement adequate separation of duties.



1 2
Next

Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

COMMENTS
▲ Return to Top
 

Get new customers and grow your business with Daily Deals.com - see how it works