By David Fleet
Editor
Atlas Twp.– Brad DeVries a CPA for Yeo & Yeo, presented the annual financial statements and auditor’s report for the fiscal year ending March 31, 2018 at Monday’s township board of trustee meeting.
The township board voted 5-0 to accept the audit.
According to the audit, for the fiscal year 2017-18 general fund revenues of $1,455,135 million with expenditures of $1,344,495 million raising the fund balance by $70,515. The unassigned township general fund balance was reported at $1,734,982.
The fund balance, represents the surplus that the township may have. It is the excess of the township assets above its liabilities (what the district owns minus what it owes). While cash is an asset, it’s only one of many of an institution’s assets. Others include: accounts receivable, prepaid expenses, supplies, equipment and buildings.
“The (fund) balance itself is a very healthy balance,” he said. “In perspective, one common measurement is to look at the fund balance is the percent of total expenditures.

Over that five year period the unassigned fund balance represents about 120-130 percent of your annual expenditures. You are well above the bare minimum you want that at a least a 20 percent. So the township is sitting at a very favorable position. It allows you the ability to weather any downturns or issues that may come up.”
“There was an increase in revenues in the federal grants—that increased approximately $65,000,” said DeVries. “On the expenditure side the bulk is in the public works section. Made up of the annual expenses incurred from road improvements and drain work. Also included is trash contract, and chloride related to the roads.”
In 2018 about $160,000 in costs for capital outlay relating to the township building renovations was also reported.
The increase in general fund balance was the second since 2014.
“You see the impact of some conservative budgeting practices,” he added. “It’s the way you want to see it.”
DeVries said that township revenues came in over budget and expenses came in under budgeted.