October 16, 2014 —
For fiscal year ending June 2014, the City saw “a major improvement in the overall position of the city,” according to independent auditor Phil Rubley.
The general funds revenue was $1,491,662 with expenses of $1,532,579. After internal fund transfers of $122,276, the General Fund balance increased by $81,359. This is a 49.9% increase from last year’s ending fund balance of $162,916. The approved budget called for an increase in the fund balance of only $49,264.
The actual amount increased was 65% more than City Administration had anticipated.
Total governmental revenue was $2,795,483 with expenses of $2,783,256. The City booked a $3,475 increase in Net Assets this year, versus a decrease last fiscal year of $278,376. This represents a positive change of $281,851.
“Your accounting system is really very good,” Rubley commented. “You should be commended.”
Hudson City Manager Steve Hartsel noted, “I was happy to see that we have continued to make noteworthy progress toward solidifying our financial position in the city. During the five years that City Treasurer Marsha Willett and I have been here we have seen consistent improvements in the city’s financial position. We have steadily corrected any of the minor discrepancies from previous years, to the point where the only discrepancy in this year’s report is the rather obligatory finding that we don’t do our own audits. While this is encouraged by the state we want to continue to have independent set of eyes to go over our books.”
Hartsel also said, “Our chief objective continues to be to work toward the goal of having one quarter’s worth of operating funds in the general fund. We are about a quarter of the way there and should be halfway there after next fiscal year.”