Audit: Hustonville pays water-project debt ahead of schedule
Published 12:48 am Friday, July 21, 2017
HUSTONVILLE – Despite having debt for the first time in more than 25 years because of an ongoing water project, according to Hustonville’s 2016-17 audit, the city is paying the Kentucky Infrastructure Authority back faster than required.
What’s more, auditor Craig Butler, a certified public accountant based out of Danville, said City Clerk Rita Clem is doing a good job of keeping the books because nothing of noteworthiness stood out in his report. The city council has been reviewing its financial statements every month per Butler’s recommendation.
“All of your disbursements were backed up by the appropriate documentation — we had a clean opinion, which basically says that after we performed our procedures that your financial statements were fairly stated,” Butler told the council at its July 11 special-called meeting. “We had very few audit adjustments, which means that the financial statements that you’re getting each month … are good representations of what the ultimate audited financial statement will be at the end of the fiscal year.”
KIA is contributing most of the loans, but other funds are coming from the Appalachian Regional Commission, a federal-state partnership created in 1965 to foster economic growth in the region.
“The audit was a little more involved just because the debt creates a lot more procedures you have to do, especially when you have federal funding involved,” Butler told the council. “The audit work … ratchets up pretty dramatically once you have federal funds coming in.”
As part of the ongoing water project’s second phase, the council voted to transfer $50,046 from the water department account to the construction account.
The council also discussed the ongoing fire and EMS building project.
“It’s been a two and a half year project, and we’re finally getting there,” Mayor David Peyton said.
Hustonville will accept bids for the new fire and EMS station 11 a.m. July 28 at city hall after the water projects meeting at 10 a.m. Peyton has called a special city council meeting for both because more than three council members plan to attend.