$1 million added to Moffat County general fund in 2014
July 7, 2015
At Tuesday morning's weekly Moffat County Commissioner meeting, the county's financial statement audit for 2014 was presented by Paul Backes.
Backes, a CPA at McMahan and Associates, told Commissioners John Kinkaid, Frank Moe and Chuck Grobe that $1,045,662 was added to the county general fund last year.
"The general fund, as you're probably aware, is really the 800-pound gorilla," he said. "The financial health of the county is largely determined by the general fund."
Backes said adding $1 million to the general fund is especially good when you consider $1 million was removed in the same year to create a museum fund.
The Road and Bridge Fund had a decrease of $2.8 million through 2014, but that is largely due to a $3 million transfer out for the Shadow Mountain Local Improvement District.
Overall, Moffat County basically broke even with total governmental funds up $272,755 at the end of 2014, Backes said.
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"In total I thought general fund really had a solid performance in 2014, and really overall considering we spent $1.6 (million) on Shadow Mountain and still had a $200,000 net income," he said.
Mindy Curtis, Moffat County finance director, said maintaining the governmental fund balance is important because of the county's dependence on property taxes for income.
“The departments have helped with their conservative spending," she said.
Backes said back in 2005 he was not comfortable with Moffat County's fund balance, but now he feels it is adequate.
McMahan and Associates, the accounting firm that performed the audit, specializes in financial reporting for local governments. A financial statement audit is a look at a county's financial statements and disclosures by a third party.