Neillsville City Council Report From Auditor
Sunday, March 30th, 2014 -- 8:12 AM
The Neillsville City Council heard more from Mike Lenzmeyer, an auditor with CliftonLarsonAllen, about the City of Neillsville in 2013.Mike talked about the water and sewer system. In operating income, the sewer system is at $130,000 and the water system is just under $100,000. The rate of return for the sewer system is 3.5% with the water being 2.5-2.7%. Mike said that?s good because the city chose that rate when they approved a water rate increase last year.
Mike also informed the city that they had $5.5 million in deposits in the local banks in 2013 and all of them were covered by some form of insurance.
Finally, Mike talked about the city having a debt limit of 5% of equalized value, meaning the city could borrow $5.7 million if it needed to. Neillsville currently has $1.7 million borrowed, leaving a ?nice cushion,? as Mike put it, of $4 million for the city to use if an emergency would arise. ?It?s refreshing to see a city plan so responsibly for projects and other financial needs,? said Mike.
The one area that isn?t in the best condition for Neillsville is the Urban Development account under Appropriations. Because of a recent wave or raze orders the city has had to execute, that account is currently in the red.
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