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.
The firm recognized hiring more staff isn't feasible in a town the size of Wausau, saying optimum segregation of duties isn't obtainable and recommended the council implement detection controls to monitor daily activities.
Town Clerk Margaret Riley explained this isn't uncommon in small towns like Wausau. The council conveyed that in their official response, documented in the management letter, advising controls are in place, such as all bank statements being opened by a member of council prior to them being received by the clerk, and all invoices are inspected by the Mayor or Mayor Pro-Tem prior to payment.
Overall, the council was pleased with the findings.
”We’re holding our own,” said Councilwoman Marlene Blount. In other action, the town discussed the need for an animal control ordinance, which is expected to be further discussed when they meet again Monday, June 23.
Members also discussed the hiring of new maintenance staff and recessed until Monday's meeting, at which time they will conduct interviews.