An audit of the city of Truesdale shows the city’s financial accounts in good order and maintaining a healthy balance of revenue and spending.
The audit was conducted by accountant Charles …
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An audit of the city of Truesdale shows the city’s financial accounts in good order and maintaining a healthy balance of revenue and spending.
The audit was conducted by accountant Charles Montgomery of Troy, examining the fiscal year ending in June 2020. Montgomery states in an overview that the city’s financial controls and accounting follow proper practices.
“I noted no matters involving the internal control over financial reporting and its operation that I consider to be material weaknesses,” Montgomery commented in a reported submitted to the Truesdale Board of Aldermen in January.
“The city is pleased to have been issued a clean audit report for the fiscal year ending June 30, 2020, and will continue to be good stewards of city funds for the citizens of the city of Truesdale,” said City Administrator MaryLou Rainwater.
“(Treasurer) Elsa Smith-Fernandez is to be commended for her dedication and hard work as treasurer for the city,” Rainwater added.
The audit separates Truesdale’s accounts into two primary categories: those for general government operations, and those for city water and sewer service.
For the city’s general operating funds, the audit reports over $943,000 in revenue, including more than $744,000 in taxes and over $109,000 in grant funding. General expenses totaled more than $996,000, with a little under half of that, about $463,000, going to city administration needs; $166,000 to police; and $160,000 to city public works.
The city also paid $87,000 for grant-related projects and $47,000 for capital improvements such as equipment purchases or street repairs, according to the audit. A little over $71,000 was transferred to the city’s water and sewer fund to help pay for debt on a city water tower.
Adding to that revenue for water and sewer, Truesdale collected $309,000 in service charges from residents, along with $7,000 from other sources. Operating expenses for water and sewer totaled about $258,000, the audit states.
Truesdale also devoted about $96,000 to payment of its debt on the South Street water tower. The audit notes Truesdale will have the tower paid off with two similarly sized payments by 2022.
Overall, Truesdale ended June 2020 with $778,000 in its bank balance, according to the audit.
The audit also notes that all financial risks to the city are appropriately insured.
