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Town records in good shape

November 01, 1999|By BRUCE HAMILTON

BOONSBORO - Auditors gave Boonsboro a clean bill of financial health Monday night in a monthly meeting at the Eugene C. Smith Community Center.

The town's general fund ended the budget year with a surplus of $87,418, according to a representative of the Hagerstown accounting firm Smith Elliott Kearns and Company.

"You had a good year. Any questions?" joked Michael P. Manspeaker.

He said the town received $93,000 more in revenues than it budgeted for and spent $10,000 over budget.

"Overall, you had a an excellent year managing your general fund," he said. The surplus did not hurt the fund's financial condition and the town limited its liabilities, according to Manspeaker.

The highway tax brought in $26,000 over budget, about $16,000 more than last year. It was "a very healthy increase," he said. Property taxes brought in $23,000 over budget, but the amount was $11,000 less than last year.

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"The only thing we can attribute that to is timing," he said, because the town only records what the state remits by the end of August.

The water fund had an $80,000 loss and the sewer fund had a $31,000 loss, according to Manspeaker. The sewer fund has historically operated with a deficit and it showed improvement this year, he said. "There's some bright signs there."

The water fund had been operating with a surplus, but this year the town wrote off $187,000 worth of fixed assets, he said. It was old equipment and the write-off was related to the operation of the town's new filtration plant.

Without that non-cash expense, the water fund would have had a $27,000 surplus, according to Manspeaker. From a cash flow standpoint, both funds were healthy, he said.

"Overall, the audit went smoothly. I think your records are in good shape," he said. "The records indicate the town is in good financial shape."

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