Audit gives North Fayette County Municipal Authority clean bill of health
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.
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