By Shelby Stewart
Staff Writer
Ortonville-James Frendt, a CPA with Maner Costerisan, presented the annual financial statements and auditor’s report for the fiscal year ending June 30, 2019 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 2018-19 were $481,858 with expenditures of $482,676, lowering the fund balance $818 and bringing the total to $324,957, a slight dip from the start of the year. The percentage of the fund balance in comparison to expenditures is also down this year, from the 94 percent during the fiscal year 2017-18, though the percentage is still healthy. The unassigned fund balance is $320,263, while the assigned will go toward things like public safety.
“In this case, your fund balance percentage is 66 percent of expenditures, which would be, if you look at that on days per year, that would be eight months worth of funds available,” said Frendt. “If all funds were to theoretically dry up, you would have enough funds on hand to go eight months without running our of money. Anything over 20 percent would be considered sound, so you’re in good shape.”