TribLIVE

| News


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Audit gives North Fayette County Municipal Authority clean bill of health

Wednesday, July 24, 2013, 1:16 a.m.
 

The North Fayette County Municipal Authority received a clean bill of financial health in its 2012-13 audit report.

Bob Softcheck, authority manager, told board members Tuesday night that Edward P. Opst, certified public accountant, found no discrepancies when he reviewed the authority's financial records.

“The accountant said our financial statements are fairly accurate,” Softcheck said. “We received an unspecified rating, which is the highest you can receive in an audit.”

Opst wrote a letter to board members, outlining a favorable audit report.

The financial highlights of the report indicated that the total assets of the authority as of March were $45,849,256, which represents an increase of $4,928,379 from March 2012, Opst said.

As of March 31 this year, Opst said the authority's cash balance was $4,638,822, which represents an increase of $1,495,029 from 2012.

“Net positions may serve over time as a useful indicator of a government's financial performance,” Opst said. “In the case of the authority, assets exceeded liabilities by $36,969,081 at March 31, 2013.”

Board member Phil Mahoney said one of the reasons the authority is in good financial shape is because it approved a rate increase last year.

The authority delayed action on adopting a new rate structure that will take effect with the November 2013 billing.

Mahoney suggested that the authority discuss the issue at its July meeting because several board members were absent from Tuesday's meeting.

Cindy Ekas is a contributing writer.

 

 
 


Show commenting policy

Most-Read Fayette

  1. Fayette prison board wants to cut crowding
  2. Suit against Fayette County youth league dismissed
  3. Fayette County communities proceed with proposed land bank to fight blight
  4. Dunbar continues clean-up efforts after flood
  5. Parade of Mustangs to kick off Connellsville’s Mum Festival
  6. Connellsville Health Board revisits proposed blight ordinance
  7. 30 days to decide fate of WCVI
  8. Geibel student gets peek at life at Harvard Medical School
  9. Area Scouts earn badge at Connellsville airport
  10. Fayette County volunteers aim for markers, flags on all veterans’ graves for Memorial Day
  11. Connellsville walkers get dose of railroad talk, tracing trains’ track
Subscribe today! Click here for our subscription offers.