During last Tuesday’s Walden Village Board meeting, RBT CPAs, LLP gave an audit presentation, which revealed both highlights and lowlights for the fiscal year ending May 31, 2019. The purpose of the report is to provide an overview of the Village’s finances for those with an interest in this area.
The liabilities of the Village of Walden exceeded its assets at the close of the fiscal year by $2,437,855. The government’s total net position decreased by $10,045,412 during fiscal year 2019.
“The reason for that is during 2019 there was a new accounting standard that had to be adopted,” said Jennifer George, a certified public accountant with RBT CPAS.
During the year ending May 31, 2019, the other postemployment benefits liability increased by $10,169,984 and additional expenditures were recorded (employee benefits) in the amount of $364,441, which decreased net position for the current year by $364,441.
The accountants considered the Library Fund’s 2018-19 unbalanced budget to be reportable noncompliance. The budgeted revenues exceeded budgeted expenditures, resulting in a budgeted surplus. RBT CPAS, LLP recommend that the Library Board only approve budgets that are balanced.
Another reportable noncompliance that was identified was in regards to the Village Justice Court which did not provide any of the documentation related to the funds held by the Justice Court, including bank statements and reconciliations. The RBT CPAS, LLP recommend that the Village arrange for the Justice Court records to be audited annually. Though the Village could improve financially, George noted that they are in good shape.
“Overall everything is in a good financial position,” she said.