Colfax ended 2023 with $466,415 in unassigned general fund balance
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By LeAnn R. Ralph
COLFAX — As of December 31, 2023, the Village of Colfax had $466,415 in the unassigned general fund balance, compared to $592,837 in the unassigned general fund balance the previous year on December 31, 2022.
Eric Davidson of Bauman Associates presented the 2023 audit report at the Colfax Village Board’s August 26 meeting.
One of the complications for the 2023 audit is that the audit began in March, and former administrator-clerk-treasurer Lynn Niggemann left the position in May to accept the position as Dunn County treasurer. Carrie Johnson subsequently started her job duties as administrator-clerk-treasurer, he said.
Another complication for the 2023 audit was trying to get information from the United States Army Corps of Engineers related to the lagoon bank stabilization project along the Red Cedar River.
“Getting information from the Army Corps is not easy,” Davidson said.
During another portion of the.meeting related to restructuring the village’s debt to pay for the lagoon bank project, Johnson noted that the Army Corps of Engineers is two years behind in reconciling their accounts.
In general, the village is in fairly good financial shape, Davidson told the village board.
As auditors have noted in the past, Colfax does not have enough employees for a proper segregation of financial duties, he said.
The vast majority of the municipalities for which Bauman Associates completes audits do not have enough employees for the proper segregation of financial duties, Davidson noted.
The good news is that the village board, at every meeting, reviews the invoices that have been paid and that helps to mitigate not having enough employees to segregate financial duties, he said.
Restricted Funds
The following restricted fund balances are reported as part of the 2023 audit. “Restricted” means that the money must be spent on the item for which it is designated:
• Future Community Development Block Grant program expenditures — $23,778.
• Deb service expenditures — $36,305.
• Perpetual care of Evergreen Cemetery — $28,500.
• Future library operations — $19,021.
• Future improvements of the village hall, donations/grants — $77,912.
• Donations reserved for the village hall elevator project — $55,233.
• Future Tax Increment Finance District 4 expenditures — $57,928.
Assigned funds
The following assigned fund balances are listed in the 2023 audit report:
• Future major equipment replacement, various departments — $249,204.
• Spreading garden, fencing, improvements at Evergreen Cemetery — $6,663.
• Library operations — $15,345.
• Street improvements — $105,754.
• Holiday decorations — $3,229.
• Economic development — $20,000.
• Future improvements to the village hall — $67,188.
Debt limit
According to state law, the total general obligation debt limit of the village is 5 percent of the equalized value of taxable property.
Colfax’s debt limit — based on an equalized value of $84,143,700 — is $4,207,185.
The village currently holds $1,341,536 in long-term debt that applies to the debt margin.
The village of Colfax has a remaining debt capacity of $2,865,649.
Budgeted revenue
In the budget comparison for the year ending December 31, 2023, Colfax had budgeted for $518,913 in revenue for taxes and special assessments but actually received $419,561 in revenue, representing a decrease of $99,352.
For intergovernmental revenues, the budgeted amount was $477,143 while the actual amount in revenue was $493,217, representing an increase of $16,074.
Licenses and permits were budgeted at $9,569, but the village actually received revenue of $10,000, representing an increase of $491.
Fines, forfeitures and penalties were listed in the budget as $1,550, but the village actually received revenue of $2,333, representing an increase of $783.
Public charges for services was listed in the budget as $323,828 in revenue, but the village actually received $382,789, representing an increase of $58,961.
Intergovernmental charges for services was listed as $252,678 in revenue, but the village actually received $254,431, representing an increase in revenue of $1,753.
Investment earnings were listed in the budget as $7,022, but the village actually received $34,582, representing an increase in revenue from investments of $32,022.
The total revenue included in the budget was $1,593,263, and the actual revenue was $1,633,399, representing an increase of $40,136 in revenue over the budgeted amount.
Budgeted expenditures
In the budget comparison for 2023 for budgeted expenditures, Colfax budgeted $240,570 for general government, but actually spent $227,416, resulting in an amount of $13,154 under budget.
For public safety, the budgeted amount was $896,065, but the actual expenditures were $850,488, resulting in an amount of $45,577 under budget.
Public works was budgeted at $289,094, but the actual expenses were $382,553, resulting in an amount of $93,459 over budget.
Health and human services was budgeted at $17,730 with actual expenditures of $12,436, resulting in an amount of $5,294 under budget.
Culture, recreation and education is listed in the budget as $221,702, but the actual expenses were $201,870, resulting in an amount of $19,832 under budget.
Conservation and development was listed in the budget as $500, with actual expenses of $214, resulting in an amount of $286 under budget.
Capital outlay was listed in the budget as $79,045, with actual expenses of $8,488, resulting in an amount of $70,557 under budget.
The total expenditures listed in the budget were $1,744,706 while actual expenditures totaled $1,683,465, resulting in an amount of $62,241 under budget
