By Shelby Stewart
Staff Writer
Ortonville -Jordan Smith, a CPA with Stevens Kirinovic & Tucker P.C., presented the annual financial statements and auditor’s report for the fiscal year ending June 30, 2017 at Monday’s board of trustees meeting.
The village board voted 5-0 to approve the audit. Council members Keith Dylus and Coleen Skornicka were absent.
According to the audit, the revenues for the fiscal year 2016-17 were $590,360 with expenditures of $597,919, which dropped the fund balance by $7,559 to $540,783. The unassigned fund balance is $320,800, while the assigned will go toward things like public safety and streets.
The fund balance, which Smith suggests should be at 17 percent of the expenditures, for the village is at 95 percent. So despite the slight drop in fund balance, the village still has more than enough in their balance for any future financial strain.
“That is a very healthy fund balance,” said Smith. “We suggest to aim for 20 percent and you are at 95. Last year you were at 92.”
Village council president Wayne Wills agrees that they have a healthy fund balance, and plans to use the unassigned portion in the future.
“We are in a good financial position,” said Wills. “We are going to be implementing a capital improvement plan to utilize that fund balance in the next couple of years to repair the roads.”