 The big news was that the general fund account had a net increase of
$115,000. This was significant in contrast to what had been budgeted
for the year."You actually anticipated having a loss of almost a
half a million dollars," Barrick said.
"You had a very good year," she said and attributed it to this:
"You very conservatively watched your use of expenditures, as well
as some of your revenues came in at a reasonable rate."
The audit contained various documents: audited financial
statements, a single audit, auditor's responsibility letter, a
management letter and graphs.
Once again, Barrick said the auditor's opinion confirmed the
county's financial accounting was acceptable and in line with
governmental accounting standards. The county did adopt a new
accounting standard that, with Governmental Accounting Standards
Board Statement 54, realigned some of the terminology for fund types
and redefined the descriptions of some equity lines.
The general fund and liability fund used to be grouped together.
Now, that grouping includes the county farm account, airport
operating account and the working cash fund. Barrick emphasized that
this is only an accounting display and has no affect on how the
county operates.
She urged the board to stay conservative, as the general fund
balance at the end of the year was only $849,317.
She added: "That amount represents only about 14 percent of your
yearly expenditures, or 1 1/2 months of working capital. In any
county, November is the wealthiest time of the year because taxes
have just come in."
In looking at the liability fund, it had a deficit of $123,000.
That fund has limited options to cover the loss. Funds would need to
come out of either the general fund or some other unrestricted fund
that has surplus.
"Use caution as you are planning your budget," she said.
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She was glad to see that the county's Illinois Municipal
Retirement Fund was back to a position of being able to support
itself, with $305,000 net equity.
"That is a very good thing because it is funded by property
taxes. You have, and do need, half a year in that fund," Barrick
pointed out.
That concluded her comments on major funds.
In non-major funds, the Logan County Emergency Management Agency
carried a $42,690 deficit.
For awareness, Barrick said, "This is not a self-sustaining fund,
and either the general fund or some other unrestricted funds have to
support that."
In summary, Barrick had no major concerns about the rest of the
fund balances, but she said: "You're going to have to continue to
monitor what happens within your general fund and some of your funds
because you're not cash rich by any stretch. But, it wasn't a bad
year. It was a good year."
Barrick had a couple of announcements. She said that Clifton
Gunderson had merged at the beginning of the year and is now Clifton
Larson Allen. Barrick also said she would be retiring next year, but
she assured board members that she would still do one more audit for
the county.
Barrick introduced Jeff Bonick, a partner in the firm, and Adam
Pulley, a manager for Clifton Larson Allen. The two were involved in
this year's audit and would be available in the future.
[By JAN YOUNGQUIST] |
