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The city of Jasper ended fiscal year 2024 with a small general fund deficit of $118, which brought its fund balance to $695,807.
Matt Taubert with Meulebroeck, Taubert & Co., who presented the city’s annual audit report during the Jasper City Council’s Sept. 9 meeting, said that’s about 250 percent of the minimum fund balance recommended by the state based on three to five months of average expenditures.
“You’re general fund is very healthy,” he said.
The audit report showed that the city’s general fund had revenue of $1,267,472. That’s about twice what was budgeted due largely to revenue from a small cities development grant and donations for the splash pad that weren’t budgeted and totaled $599,697. Aside from those, the largest share of revenue was $297,847 in state aid, followed by $244,232 in tax revenue.
General fund expenditures totaled $1,270,840. That was also about twice the budgeted amount due largely to unbudgeted revolving housing fund expenditures related to the small cities development grant and capital outlay for the splash pad that totaled $597,826. Aside from those, the largest share of spending was for general government expenses, which totaled $404,191.
Revenue of $1,267,472 and expenditures of $1,270,840 left a deficit of $3,368. Another $3,250 from the sale of equipment left the general fund deficit of $118 and reduced the fund balance to $695,807.
The city also has two special revenue funds. The year end results of those funds are as follows:
•The ambulance fund had revenue of $103,507 and expenditures of $41,396, leaving a surplus of $62,111 and increasing the fund balance to $255,214.
•The fire department fund had revenue of $61,575 and expenditures of $91,670, leaving a deficit of $30,095. Another $7,000 from the sale of equipment left a deficit of $23,095 and a negative fund balance of $56,283. Taubert said the city might want to consider transferring funds from the general fund to the fire department fund to address the negative balance.
The city also has enterprise funds. The year-end results of those funds are as follows:
•Water fund revenue totaled $111,345 and expenditures totaled $159,978, leaving a deficit of $48,633. Non-operating revenue and expenses added $78,358, creating a surplus of $29,725 and increasing the fund balance to $115,529.
•The garbage fund had revenue of $68,255 and expenses of $64,073, leaving a surplus of $4,182 and increasing the fund balance to $36,205.
•The sewer fund had revenue of $29,943 and expenses of $60,838, leaving a deficit of $30,895. Non-operating revenue added $2,139, leaving a deficit of $28,756, decreasing the fund balance to $254,505. Taubert said the city should make sure the fees cover expenses.
•Wellness Center fund revenue totaled $14,798 and operating expenses totaled $21,089, leaving a deficit of $6,291 and a fund balance of $20,266.
•The EDA housing fund had revenue of $3,953 and expenses of $259,131, leaving a deficit of $255,178. Other non-operating revenue added $211, leaving a deficit of $254,967 and a fund balance of $10,425. Taubert said that fund would be closed once a CD comes due at the end of the year.
Taubert said that overall, “the city funds are doing well.”
He said the city would have received an unqualified opinion on its audit, which is what is desired, but the Volunteer Firefighters’ Relief Association doesn’t have a Governmental Accounting Standards Board statement 68 financial report done by an actuarial company. Taubert said that typically costs about $2,500 and that there is no negative consequence to not having it, so he recommended that the city not worry about it.
“If it ever comes to the point where I think that it’s wise that the city spends the money, I will tell you, but right now there’s no upside to it,” he said.
In other business:
•The City Council approved the hiring of Renae Thode as the new city clerk/treasurer, and Devon Dixon as a new firefighter.