By Dave Fidlin
Correspondent
The cost of providing services to City of Whitewater residents, business owners and visitors totaled $11.35 million last year.
That statistic was one of many highlighted in a report outlining the city’s audited financial statements throughout 2015. As is the case with all municipalities, Whitewater is required by state law to hire an outside auditing firm to comb through its books.
Madison-based certified public accounting firm Johnson Block and Company was hired to conduct the audit. Kevin Krysinski, a representative of the company, touched on details of the report at a Common Council meeting June 7.
Despite ongoing fiscal challenges, Krysinski said the city’s net position is on the upswing after expenses are taken into account. This past year, the city increased its revenue by $1.65 million, or 2.95 percent, from 2014.
Although the city has long- and short-term debt obligations, Krysinski affirmed the city’s assets continue to exceed all of its liabilities.
Reviewing how various funds have been segregated within the municipal budget, Krysinski said the city closed the year with 28 percent of its overall budget comprising reserve dollars in the fund balance.
Governing bodies — municipalities and school districts alike — are generally encouraged by financial experts to maintain higher balances. The funds could be used in cases of unexpended emergency expenses, but higher balances also tend to lead to higher bond ratings.
In other facets of municipal government, Johnson Block affirmed the water utility’s operating income increased by $64,141 last year, while the wastewater utility notched an operating loss of $329,546.
