Taylor Town Manager Gus Lundberg gave the first comprehensive annual financial report (CAFR) for 2014 to the town council April 1.
Lundberg noted that in the past he gave an annual financial report that was prepared in accordance with generally accepted accounting principles (GAAP). Hinton Burdick, Certified Public Accountants, has issued an unqualified (“clean”) opinion on the town’s financial statements for the year ended June 30, 2014.
Lundberg explained that the financial section of the CAFR consists of basic statements, income, expenditures and changes in fund balances.
The statistical information gives a 10-year comparison that shows trends for the previous 10 years and “gives more in depth to tax revenues by source,” said Lundberg. “Most are not a standard part of financials, but someone from the outside will get a synopsis of what Taylor is really like.”
Lundberg explained that he did the comprehensive report because legislation requires towns to produce a comprehensive financial report or have an in depth report available for the public. “Quite frankly, it is a pretty expensive method for them to be able to research data online,” he said. “We’re not opposed to sharing that information.”
The CAFR is available for review on Taylor’s website.
“’In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position…of the Town of Taylor,’” read Lundberg from the auditor’s report. “Basically, they stand by and feel like the numbers we presented were accurate and fairly presented.”
“We did not get any findings or issues this year,” he said.
Because the 2014 Comprehensive Annual Financial Report was prepared for the first time, the town will submit it to the Government Finance Officers Association for consideration of a Certificate of Achievement for Excellence in Financial Reporting.
In other business, Public Works Director Jeremy Peters received the council’s approval to purchase a 2015 Case 580 SN WT backhoe to replace the 1995 Case Super L that has 6,317 hours on it.
The other backhoe owned by the town is a 2004 Case 580 Super M Series 2 with 4,007 hours on it.
Peters said that the cost of the new backhoe if purchased through the Minnesota contract is $6,500 cheaper than the standard government pricing. He noted that he had looked at used backhoes, and they cost between $88,000 and $125,000.
The cost of the 2015 backhoe if purchased through Minnesota State Purchase is $94,122 before tax.
Lundberg said that they budgeted for the backhoe and have the money to pay cash for it.
The council unanimously approved the purchase.
The old backhoe will be used at the rodeo grounds.
