Idaho Mountain Express: Auditor gives Ketchum the OK

Wednesday, December 7, 2011

Auditor gives Ketchum the OK

City’s 2011 budget accurately predicted revenues

By REBECCA MEANY
Express Staff Writer

Ketchum's financial statements for fiscal year 2011 pass muster, according to independent auditor Dennis Brown.

The City Council voted Monday to accept the audited statements following Brown's presentation of his findings.

The ending balance for all city governmental funds was $3,022,309. That's an increase of $371,312 from last fiscal year.

"That bodes well for the prudent use of resources for the city," Brown said.
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In his report, Brown credited the increase to the city's "continuation of fiscal policies designed to limit spending and preserve and strengthen the City's financial position during uncertain economic times."

"It's a good, clean audit," City Administrator Gary Marks said in an interview. "There were no reportable deficiencies in our finances. We feel good about this audit."

Councilman Larry Helzel praised Marks—who created the city budget with input from Mayor Randy Hall—for the miniscule difference between projected revenues and actual revenues. The variance was one-tenth of 1 percent.

"That's got to be a world record," Helzel said. "To hit it like this is just phenomenal."

The audit cost $7,000, the same as it did last year.

Rebecca Meany: rmeany@mtexpress.com

Ketchum Urban Renewal Agency

The Ketchum Urban Renewal Agency voted Monday to accept the audited fiscal 2010-11 financial statements reviewed by auditor Dennis Brown. Brown presented his findings to the URA board, saying the URA's financial statements fairly present the financial position of the agency as of Sept. 30, 2011. The URA's ending fund balance for last fiscal year was $1,366,928. That figure represents an increase of $174,000 for the year. URA Executive Director Gary Marks said the bond ordinance requires the URA to have two years' worth of bond payment in reserves. "We're well on our way to that," he said. "Next year, we'll be there."

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