Kremmling financial snapshot shows low debt, fiscal responsibility
Kremmling, Colorado ” McMaham and Associates LLC audited the Town of Kremmling’s financial statements, and gave the town a good review at the Kremmling Board of Trustees meeting Sept. 15.
“We look at the town’s accounting systems,” said Dave Morano, who gave the presentation. “Things seem to be going pretty well for the town financially.”
He also said, unlike other towns, Kremmling “doesn’t appear to be overburdened by debt.”
The town exceeded its liabilities at the end of the 2007 fiscal year by about $5.5 million net assets. The unrestricted net assets of about $1.4 million may be used to meet the town’s ongoing obligations to citizens and creditors, the audit stated.
Kremmling Manager Ted Soltis said that while the town operates on more than $1 million a year, there are capitol improvement projects ” such as upgrading the town’s water pipes ” that must be completed and will cost the town millions of dollars.
Money is set aside so the town can apply for matching grants, he said.
Overall, finances are improving in Kremmling, Morano concluded.
Soltis said the audit is a “snapshot” of the town’s finances.
Kremmling’s total net assets increased in the 2007 fiscal year by about $400,000.
Government and business-type activities had increases of $9,400 and $380,000 respectively, the audit states.
The unreserved fund balance of the general fund was more than $700,000 or about 61 percent of budgeted fiscal year 2008 General Fund expenditures, documents state.
In 2007, the town’s assets increased by $142,000, and about $100,000 was attributed to higher capitol assets. The majority of the municipality’s capitol investments typically service residents and visitors. The town invested 74 percent in capitol assets at the end of 2007, a decrease of 4 percent from the previous year.
The town’s total expenses increased by $300,000, or 19 percent, in the last year. This was the result of high water services and general government. Water expenses increased mainly because of the water project.
The town increased the general fund by $95,000 for the fiscal year for the purchase of land and increases in wages for administration and police. The combined general fund expenditures and transfers were less than the fund budget by $50,900 during 2007.
The town’s general fund balance at the end of 2007 totaled more than $770,000, an increase of about $89,000 from 2006. The 2008 budget anticipates a $66,000
decrease in the general fund balance. The 2008 budget anticipates revenues of $1.125 million and expenditures of $1.19 million for the general fund. The decrease is because of planned street costs and a motor grader lease purchase payment. It also expects a decrease of about $194,000 for the aggregate fund balance of all other funds.
This decrease comes from planned use of fund equity of water distribution system replacements, according to documents from McMaham and Associates LLC.
“We have to be very careful how we spend our funds to meet future financial demands,” he said.
The town is currently doing well at conserving funds and setting money aside to match grants, he added. “That’s the only way we can pull this off.”
” Katie Looby covers government and education for the Sky-Hi Daily News. You may reach her at 887-3334 ext. 19601 or firstname.lastname@example.org.
Support Local Journalism
Support Local Journalism
The Sky-Hi News strives to deliver powerful stories that spark emotion and focus on the place we live.
Over the past year, contributions from readers like you helped to fund some of our most important reporting, including coverage of the East Troublesome Fire.
If you value local journalism, consider making a contribution to our newsroom in support of the work we do.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Citing staffing concerns and the high rate of illness, West Grand High School will switch to all remote learning for the remainder of the week.