REDINGTON BEACH – The 2012-13 fiscal year proved to be quite a good one for the town of Redington Beach according to the annual audit report submitted for the Town Commission’s approval at the March 4 meeting.
Mark Carter and Katie Ann Douglas of the independent accounting firm of Clifford Larson Allen, LLP, presented a draft of the final report and affirmed what comes as no surprise to the commissioners.
“It’s a clean report,” Carter, told the commission. “The city is in very good financial shape with a very strong balance sheet”.
The findings of this latest report reflect the town’s financial status from Sept. 30, 2012 to Sept. 30, 2013.
He also noted the three major accounts from which the town draws on – general fund, capital projects and stormwater – all saw an increase in revenue for the 2013 fiscal year.
Notable within the audit findings are that town’s assets exceeded its liabilities as of Sept. 30 by $8.78 million compared to Sept. 30, 2012.
Total assets, consisting mostly of cash and cash equivalents, increased from the prior year to approximately $185,704, exceeding current liabilities by approximately $3.1 million, indicating “excellent liquidity.”
The Town also continues to remain debt free.
Total revenue also increased by $23,606 (or 1.9 percent) from the fiscal year 2012 due to an increase in property values.
In a nod to belt tightening, the total cost of all programs and services decreased by $18,689 (or 2 percent).
The largest portion of the budget reflects the town’s investment in capital assets to include land, infrastructure, buildings and improvements, vehicles and equipment.
These capital assets go toward providing services to residents and are not available for future spending.
The town did not have any major projects in the capital fund for fiscal year 2012-13. Revenue over expenses excess was applied to the roads and streets reserve account.
The restricted fund balance within the capital projects fund totaled $1.07 million and is used for capital improvement projects and construction of roads.
The unassigned monies for the general fund totaled $1.108 million and are available for spending at the town’s discretion.
The unrestricted funds for the town increased by $123,013 during 2013 to $1.616 million, as of Sept. 30, and can be made available for appropriation as the town sees fit.
The commission voted to approve unanimously the draft as well as the final report which, Carter said, would available later in a week.
The purpose of the independent audit is to provide an overview of the town’s financial activities for the fiscal year, focus on the major funds and identify the issues or concerns as to each fund and identify deviations from the approved budget.
Bid accepted for storm drain
In other news, commissioners agreed to tentatively accept a bid from Keystone Excavators to undertake the replacement of a storm drain at 15510 First St.
Keystone presented a proposal in the amount of $37,300 to complete the project; however, it did not include an estimate to replace the sod and various small shrubs for a homeowner whose property is located at the work site.
The cost for replenishing the more mature trees and shrubs that exist at the site would likely fall to the town.
Thus, the final figure for the entire job is likely to be higher than the price quoted.
“We have to find out what the city’s responsibility is above and beyond what is included in this bid,” Commissioner Tom Dorgan said. “If we can’t come to a reasonable compromise, we would probably have to relook at how we are going to fund the project.”
In the end, the consensus was to hold off moving forward on the project until the exact cost for the total project can be determined.
The town has been soliciting bids for the project since December but, to date, has received only one other proposal that being from Mangrove Construction for $36,000.
Despite the similarities in terms of the total cost and materials, Public Works Director, Mark Davis, in a memo to the commission, advised choosing Keystone, he said, because it has done previous storm water work for the town and uses its own crew and equipment.
The current drain has been deemed undersized and is obstructed by mangroves that are protected by state laws. In addition, the pipe empties directly into the water because there exists no proper seawall to support it.
A similar project involving the replacement of a storm drain at Sixth Street will be addressed in the future.