By Shelby Stewart-Soldan
Staff Writer
Ortonville — Tyler Baker, a CPA with Maner Costerisan, presented the annual financial statements and auditor’s report for the fiscal year ending June 30, 2022 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 2021-2022 were $733,745 with expenditures of $1,247,895, bringing the fund balance down $514,150 and the total to $253,760.
“The fund balance is now at 40 percent, due to completing two large legacy projects in early 2022,” said village manager Ryan Madis. “The Crossman Park Drain and paving of Mill Street were big projects that cost more than originally anticipated, but both needed to take place. The village’s assets increased as a result of these projects being completed.”
The two projects in question were paid for out of savings from the general fund and were planned for this past year. Baker told the board that they were still in good financial standing, and said that the fund balance is healthy.
“The fund balance is less than prior years, but it is a direct result of these projects,” said Madis. “While the majority of the funds are unassigned, this gives the village council the ability to commit to projects it deems necessary. The Capital Improvements Plan and finalized Master Plan will help the village continue to commit funds to projects with long-term impacts, and the village will continue to seek grants and other funding for large-scale projects in the future.”