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, 2019 at Monday’s township board of trustee meeting.
On Monday night the township board of trustees voted 5-0 to accept the audit.
According to the audit, for the fiscal year 2018-19 general fund revenues of $1,388,081 million down from $1,455,135 million in the 2017-18 fiscal year with expenditures of $1,196,028 million down from $1,344,495 million. The fund balance increased by $192,050. The unassigned township general fund balance was reported at $2,902,893. The fund balance represents approximately 206 percent of the total general fund expenditures.
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 township’s total governmental revenue changed by $76,140 from the prior fiscal year due in part to two factors: An increase in the property tax revenue collected of $61,054 and an increase in investment earnings of $43,850 due to the market. Conversely, expenses for the township increased by $165,990 due to public safety expenditures for police and fire in the amount of $141,454.

The police fund operating expenses have increased from just under $550,000 in 2014 to about $660,000 in 2019.
“You do have some pretty significant expenditures that will eat into the fund balance in 2019-20,” said DeVries. “The cost related to the office remodel that’s going on right now and a portion of the new firetruck. Still, where you stand that fund balance is pretty healthy, it represents over two times township expenditures. We recommend you never go below the 20 percent annual expenditures.”
The increase in general fund balance was the fifth since 2014. Since that time the fund balance has grown from $2,522,746 in 2017 to $2,902,893.
DeVries said that township revenues came in over budget and expenses came in under budget.