Jan. 30, 2013
KEY ACTION Lakemore officials, working with the State Financial Planning and Supervision Commission, have decreased the negative balance in the general fund, stayed within the estimated 2012 budget and, due to increased taxes and taxes received from work at the new school, revenues are above what was estimated.
Representatives of the Auditor of State's office presented the 2012 year-end financial packet to members of the commission.
Lakemore, still in fiscal emergency, has made cuts in an effort to improve its financial situation.
Angie Coats, project manager for Local Government Services, said the overall cash balance at the end of 2012 was $503,573.42, an increase of about $489,000 from the beginning of the year.
She said the general fund deficit came down from more than $1 million to $788,000. Total revenue received was higher than expected at $1,169,006. Estimated spending for 2012 was within the appropriated amount of $949,535. Actual dollars spent for the year were $920,430. The village continues to pay for services of the State Auditor’s Office (SAO) for the years of 2006-08 on monthly payments of $1,000. A plan to pay for the 2010 services is set in place at $1,000 a month making the SAO payment for back services $2,000 a month.
The village continues to pay the outstanding unemployment, which now totals a balance of $6,858.05.
Revenues for 2012 were almost $160,000 more than estimated.
“This indicates progress,” said Sharon Hanrahan, financial planning commission administrator.
Mayor Rick Justice agreed.
“Seems like we are continuing to move in the right direction,” he said, praising everyone for their work.
•Justice told the commission about an upcoming rental property registration program that will help increase revenue and will put in place a set of standards for rental property.
• Hanrahan presented the Auditor of State’s engagement letter, which lays out the fees to the village for the auditor’s services during fiscal emergency. The department works on a graduated fee schedule throughout the fiscal emergency time. Hanrahan said there is no cost for the first 24 months. Beginning at 25 months, the village paid 20 percent. In March, which is month 31, the village will pay 50 percent. After month 36, the village will pay 100 percent. The rate is $50 an hour, not to exceed $20,000.
“This may sound like a lot of money, but (with) Lakemore being short staffed, we are working hard and we have a little bit of a learning process,” Justice said. “We would probably have to hire an accountant, which would double that. The amount of help and the quality of help we get from the office is wonderful.”
UP NEXT Commission meeting March 20 at 10 a.m. at the Municipal Building, 1400 Main St.