Page’s water and electric utility funds are flush, but auditors say city officials need to jiggle the handle a little on the sewer fund.
The sewer fund was the only black mark — actually more of a gray mark — in the annual audit of city finances.
Each of the other enterprise funds had a positive cash flow for the fiscal year ending June 30, but Mike Spilker, of the CPA firm of Hinton, Burdick, Hall & Spilker, said when city officials transferred money from the sewer fund to pay its share of the city’s debt service, it caused a shortfall.
City manager Rick Olson said the transfer was an outgrowth of city council consolidating the three utilities under a revised ordinance.
The result was that operating expenses exceeded operating revenue for the fund. Electric and water, however, were just the opposite, with operating revenue more than covering expenses, which Spilker called “really good trends.”
For the complete article see the 12-26-2012 issue.
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