News Column

Auditors give city finances once over

July 4, 2014

Superior Telegram, Wis.



July 04--Superior got a clean bill of health on its financial statements for 2013, according to an independent audit report by Wipfli.

"It's similar to prior years, and we did receive a clean opinion from our auditors," said Jean Vito, finance director and senior administrative officer. "What that means is the financial reports are materially accurate and fairly present our financial position."

The good news for the city is its net position -- assets minus liabilities -- increased by just over $4.7 million in 2013, Vito said. She said the general fund did less to contribute to the improvement as it has in prior years. In the general fund, she said revenue over expenses was just $22,000 in 2013.

The city council budgeted slightly less than $26.7 million for 2013.

"That's cutting it pretty close," Vito said. "It was a tougher year for public works with snowplowing and that really affected the budget."

The department responsible for maintain city infrastructure has generally stayed well within its annual budget.

Long-term debt for the city increased by less than $1.3 million in 2013, Vito said. While the city's allowable debt is about $78 million, she said debt for all areas including tax increment districts and city enterprises such as the landfill and wastewater treatment plant is just over $49 million.

Among the city's enterprises -- storm water and wastewater utilities, the golf course and the municipal landfill, only the landfill had expenses exceed revenue.

The 2012 and 2013 audit reports are available on the finance department's website at www.ci.superior.wi.us.

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(c)2014 the Superior Telegram (Superior, Wis.)

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Source: Daily Telegram (Superior, WI)


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