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Falls City Council approves annual audit report

By John Nixon

04/05/2022

(KLZA)-- Following an explanation of what is contained in the Fiscal Year Audit for the Fiscal Year ending in September, 2021 the Falls City Council approved the report Monday night.

Julie Bauman, CPA said the City received an unqualified opinion which is the best a city can receive.

The City had total assets at the end of the last fiscal year of just over $63 million with liabilities of just over $15 million leaving a net position of $48,033,252.

Bauman said her firm was pleased with how well the City did. She said when the City is able to build reserve funds, there is a purpose for that because there are times when those reserves are needed.

The Council also voted to proceed with refunding 2017 series utility bonds which will allow the city to save approximately $147 thousand unless rates continue to climb. During an earlier meeting with Brad Slaughter with Piper Sandler and Company the savings was potentially in the neighborhood of 6 – 7 percent but with the recent change in rates that savings has now declined to 3 – 3.5 percent.

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