By Grace Moore
The Pine Haven Town Council and clerks met Wednesday evening to discuss the audit review with audit manager Kelly Foreman of the Rapid City office of Casey Peterson and Associates.
Foreman started her presentation with the assurance that the financial statement is “properly presented, the right basis of accounting and that there are no material misstatements.”
The progress of the well and tank projects were discussed at length because the restricted funds have been and will be listed on the audit list until the projects are complete. The funds will continue to be drawn upon with the tank under contract with DRM Construction and the well going out for bid.
Total costs for these two connected endeavors are $3 million broken out between the Drinking Water State Revolving (DWSR) and Clean Water State Revolving (CWSR) loans, Wyoming Water District Commission (WWDC) and Mineral Rights Grant (MRG) grants and the town fund.
The only adjustment advised was to, “bring the books to a cash basis of accounting” which is considered a simpler method than accrual. Foreman explained that the number of adjustments proposed by the auditor is a good indicator of how well a governing body is managing the town finances.
“The things that you are doing and recording are correct,” she said.
After further discussion, Foreman commended the governing body as well as the clerk’s office for their remaining in compliance with state statute mandating that municipalities remain within budget. “Overall, it was a pretty good review, everyone did a good job,” she said.
The town will conduct a full audit next year.