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Grantwood Village's fiscal 2013 finances "in good order"


CPA presents annual review of town's finances


Kari Williams
Staff Reporter
January 01, 2014 - Grantwood Village's finances for fiscal 2013 were "in good order," according to John Nanos, a certified public accountant with Boyd, Franz & Stephans LLP.

Nanos recently presented a review of the town's 2013 financial statements to the Board of Trustees.

"A review is designed to provide limited assurance that there are no material — meaning large — modifications that should be made to the financial statements," Nanos said. "And our report does state that based on our review we were not aware of any material modifications that should be made to the accompanied financial statements."

The review was conducted using the "cash basis of accounting," according to Nanos, which means revenue is reflected when it is collected, not when it is due, and expenditures are reflected when an expenditure is made, not when it is owed.

Nanos said village records were "in good order," and there was only one invoice he could not locate within the village, but he was able to obtain it directly it from the vendor.

Total general government expenditures were $53,859, a nearly 50-percent decrease due to trustees opting to forgo their stipends to provide seed money to start the village's sewer lateral fund.

"This was a big hit on this with the (sewer) lateral [insurance] fund starting up. The trustees opted for no compensation. So in the prior fiscal year trustee compensation was $22,600," Nanos said. "This year because it only covered July through December it was $12,300 … That's the lion's share of why the general government went down."

Total assets in the general fund at the end of fiscal 2013 were $317,631— an increase of roughly $61,000 compared to fiscal 2012.

No significant additions were made to the general fixed-assets group, which would include items such as office equipment, according to Nanos.

Overall revenues, consisting mostly of taxes, came in at $387,995 — a decrease of roughly $7,000 from fiscal 2012 — with expenditures at $326,948 — a roughly $41,000 decrease.

Total expenditures of $148,489 for roads and bridges decreased roughly $21,000 from fiscal 2012, while public safety expenditures of $124,600 increased $4,000 and general government expenses of $53,859 decreased $18,000.

General government expenditures decreased roughly $17,500, while building expenses decreased roughly $3,700 due to "far less building maintenance" in fiscal 2013, according to the review.


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