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City of Slater gets an 'A' on recent financial audit

Tuesday, August 26, 2008

The city of Slater received a "clean" audit report at the city council's Aug. 19 meeting.

Normal Schlesselman, a CPA with Wilson, Toellner & Associates, presented highlights of the audit report, noting that "once again, this is considered to be a clean audit. That's as good an opinion as auditors give. Your financial (records) reflect the true position of the city's finances."

"We're heading in the right direction. If you were a teacher, you'd give us an A," said Mayor Stephen Allegri. And Schlesselman agreed.

Schlesselman noted the city's unrestricted net assets decreased this year by about $240,000, but the money was used to match grant funding -- including $460,000 in federal capital grants -- that enabled the city to complete its $1 million storm sewer project.

The storm sewer project was included among the highlights of the fiscal year.

Also included in the "financial highlights" portion of the report auditors noted that the city's total net assets increased by $766,408, or about 9 percent, from about $8.5 million in 2006 to about $9.3 million in 2007.

The report also notes the city reduced its outstanding revenue bonds from $220,000 at the end of 2006 to $165,000 at the end of 2007 and had not incurred any new debt during that time.

Schlesselman complimented the city for entering into a five-year refuse contract, noting "that's probably a good thing."

Assistant City Administrator Gene Griffith told the council that a negative balance shown in the audit for the water fund was "not due to an imbalance in income and expenses -- it's depreciation" on equipment.

In other business, Allegri reminded the council about several events planned for September, including the radio-controlled aircraft fly-in Sept. 7 at the Slater airport.

"It's a lot of fun. It's just like a regular air show but with model planes," he said.

Allegri also noted the dates of the annual Fall Fest, Sept. 18-20, which will include grandstand entertainment, a carnival and other attractions.

"The town will be lit up," he said.

Allegri also noted that sales were brisk for tickets to cross the Missouri River at Glasgow using the ferry service that is operating while the bridge there is being rebuilt.

The city bought 300 tickets initially and they sold in a week, he said. Another 300 tickets have been purchased.

Contact Eric Crump at marshalleditor@socket.net

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Mr. Editor,

I'm glad the mayor is better at overseeing the city's financial position than he is at talking facts about Steve McQueen's presence in the area. (smile)

Did the auditor's presentation or any commentary explain the 9% increase in total net assets? I understand for a time the city was on a crusade to exercise its right to eminent domain.

Drew Officer

-- Posted by slater41 on Tue, Aug 26, 2008, at 9:01 PM

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