By Shelby Stewart
Staff Writer
Ortonville-Aaron Stevens, a CPA with Maner Costerisan, presented the annual financial statements and auditor’s report for the fiscal year ending June 30, 2020 at last Monday’s village council meeting.
The village board voted 7-0 to approve the audit.
According to the audit, the revenues for the fiscal year 2019-20 were $476,697 with expenditures of $415,555, and $2,665 in other financing sources, bringing the fund balance up $63,807 and the total to $388,764. The percentage of the fund balance in comparison to expenditures is up this year, from the 66 percent during the fiscal year 2018-19. The unassigned fund balance is $381,071, while the assigned will go toward things like public safety.
“The total fund balance for the general fund was $388, 764. Part of that is restricted, almost $7,700 of that is restricted for public safety,” said Stevens. “What you have available for future use is this unassigned fund balance, this $381,071. That unassigned fund balance represents 92 percent of your annual expenditures, which is excellent. That’s an excellent financial position to be in. That $381,000 represents 11 months worth of operations.”