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Redwood Falls Gazette
  • City applauds boring audit

  • Every year, the city is required to have an audit of its books done, and every year the city council has to sit through hearing a summary of how the city’s finances are doing.
    This year’s summary was as boring as ever, and the council couldn’t be happier.
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  • Every year, the city is required to have an audit of its books done, and every year the city council has to sit through hearing a summary of how the city’s finances are doing.
    This year’s summary was as boring as ever, and the council couldn’t be happier.
    “A boring auditing report is a good thing,” joked accountant Thomas Koop of the accounting firm of CliftonLarsonAllen. “Your financial results are as good as it gets.”
    According to Koop, Redwood’s annual finances consistently come in the top tier of both financial security, and ease of doing an audit, with city staff keeping the books very clear and organized.
    Highlights of the audit report include:
    • The city’s total assets as of Dec. 31 came to $112,813,206, with liabilities coming to $36,304,824, leaving net assets of $76,508,382.
    • By “net assets”, the report doesn’t mean to indicate the city has $76,508,382 just sitting around. Most of the funds are already tied up in land, infrastructure, machinery, equipment and furnishings, and interest for general obligation bonds.
    It also includes assets from the public utilities and hospital.
    • Approximately 33 percent of the city’s revenues in 2011 came from local taxes, down about three percent from the previous year.
    • The net property tax levy per capita comes to $399 a year, or slightly above a dollar a day per resident.
    • The city’s 2011 governmental funds expenditures broke down to:
    • 12.76 percent for general government
    • 25 percent for public safety
    • 11.85 percent for streets and highways
    • 30.36 percent for culture and recreation (including the costs of maintaining Ramsey Park and the water park)
    • 3.17 percent for economic development
    • 3.73 percent for debt service
    • 9.31 percent for capital outlay
    • 3.82 percent for the airport
    In other city news, the council:
    • Approved adding stop signs to the intersections of Cook St. and Sunrise Blvd., and Cook St. and Galles Drive.
    • Approved the police department’s purchase of a 2008 Chevrolet trailblazer from Redwood Auto Sales for $15,900. The sale is being paid for not with police department funds, but with confiscated drug money.
    • Awarded M.R. Paving and Excavating of New Ulm $8,452 for extending the area between apartments 100 and 200 in the Southwaite Court Complex.
    Currently the area is used in winter for pushing excess snow, and in warm months provides additional visitor/resident parking.
    • Extended the completion date for the Phase III Ramsey Park zoo renovations to Nov. 1, 2012 due to competing city projects going on at the same time.
    Page 2 of 2 - • Approved a $5,040 service agreement with C3-ilex computer systems to continue monitoring the electrical systems throughout Redwood Falls until Aug. 2013.

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