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Town’s audit looks good

(4/5) The Town of Emmitsburg received the report of its financial audit for fiscal year 2006 at its March 19 meeting.

Required by the State of Maryland, the audit is an examination of the town’s budget by an independent firm to ensure the budget statements are free of “material misstatement.” Draper and McGinley of Frederick conducted the town’s audit and Michelle Mills of Draper and McGinley was on hand during the meeting to mention the highlights and answer and commissioner questions.

“It’s a very important document,” Mayor Jim Hoover said in an interview. “It goes to the state to tell them we’re doing things right.”

While Hoover said the general fund information shows “the nuts and bolts of the operation,” it has very little change because they are expenditures that have to be made to run the town. He is generally most interested in the capital expenditures the town makes.

“I want to see that the projects are getting done and getting done successfully within budget or under budget,” Hoover said.

Audit highlights

  • Assets increased $960,704 in 2006 compared to $646,092 in 2005.

  • Governmental activities total assets were $4,138,143 (down $23,549).

  • Enterprise funds total assets were $13,383,628 (up 984,253).

  • Liabilities were up 11.1 percent “due in large part to infrastructure re-construction projects.”

  • Fund balance was $972,638 (up $12,360). Of this amount, $577,180 was unrestricted or undesignated, which was up 40.6 percent.

  • General fund revenues were $1,494,571 (up 4.7 percent).

  • Enterprise fund revenues were $2,127,652 (up 41.5 percent). “This is due in large part to government grants received and the creation and collection of a water and sewer surcharge on all new taps.”

  • General fund expenditures were $1,178,128 (up 4.1 percent).

  • Enterprise fund expenditures were $1,128,124 (up 1.5 percent).

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