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Colfax fund balances down $266,000 but finances still in “good shape”

By LeAnn R. Ralph

COLFAX — Although the Village of Colfax’s fund balances are down $266,000 over the previous year, the village’s financial statements are still in “good shape,” according to the auditor.

Eric Davidson of Bauman Associates presented the audit report and financial statements to the Colfax Village Board at the June 8 meeting.

According to the financial statement, the village’s fund balances were $1.89 million at the beginning of 2014 and were $1.6 million at the end of 2014 for a difference of $266,039.

Colfax had quite a lot of capital outlay in 2014, including the purchase of a new ambulance, the purchase of the Schindler property for the East View residential development, purchase of equipment for the Colfax Rescue Squad, and engineering costs for the Fourth Avenue and Third Avenue street projects, Davidson said.

General government was over budget for 2014, he noted.

Employee insurance costs increased by about $18,000 over the previous year, and the conservation and development budget went over by $9,400, Davidson said.

The additional expenditure in the conservation and development budget was to pay an outside consultant to develop the residential concept for the village, he said.

The culture, recreation and education budget went over by $31,000 to build the new refreshment stand at the fairgrounds that was destroyed when the roof collapsed from heavy snow, but that amount was offset by insurance payments in miscellaneous revenues, Davidson said.

Lynn Niggemann, the village’s administrator-clerk-treasurer, started in November, and there was an improvement over the number of adjustments that needed to be made over the previous year, he said.

“The audit went really well this year … Lynn did a great job. Things are in really good shape,” Davidson said.

“You heard it from Eric. Great job to Lynn and Sheila (Riemer) for keeping our books,” said Scott Gunnufson, village president.

Here is some of the other information included in the financial statements:

• The water utility ended the year with a $4,222 increase in the net position, from $1.31 million at the beginning of the year to $1.314 million at the end of the year.

• The sewer utility showed a loss of $12,237 in net position, from $1.079 million at the beginning of the year to $1.066 million at the end of the year.

• The payroll for village employees covered by the Wisconsin Retirement System was $433,797. The village’s total payroll was $545,436. The required contribution to the retirement system was $63,460 (14.6 percent of covered payroll), which consisted of $34,276 or 7.9 percent from the employer and $29,184 or 6.7 percent from employees. Total contributions for 2013 were $53,514, and total contributions for 2012 were $44,731.

• The restricted fund for perpetual care of Evergreen Cemetery contains $28,500.

• The restricted fund for future library operations contains $17,912.

• The restricted fund for future improvements of the village hall from donations and grants includes $77,912.

• The assigned funds for future improvements to the village hall contains $165,280.

• The restricted major equipment replacement fund for various departments contains $382,588.

• The unassigned general fund balance is $762,507.