By Shelby Stewart
Staff Writer
Ortonville-James Frendt, a CPA with Stevens, Kirinovic & Tucker P.C., presented the annual financial statements and auditor’s report for the fiscal year ending June 30, 2018 at 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 2017-18 were $587,818 with expenditures of $574,139, raising the fund balance $13,679, making up for the drop from the 2016-17 fiscal year of $7,559 and bringing the total to $554,462. The unassigned fund balance is $184,774, while the assigned will go toward things like public safety and streets. The percentage of the fund balance is 94 percent, on par with the previous two fiscal years which were 95 percent and 92 percent.
“Anything over 20 percent fund balance is healthy,” said Frendt.
Frendt also made a few suggestions for the village, such as segregation of duties pertaining to funds between village employees to reduce any fraud risk and putting in place policies which may reduce any conflicts of interest.
“We do have a draft that was worked on, and then we were going through the transition of village managers,” said village president Tonja Brice.