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TOWN ACCOUNTANT
In the following pages you will see internal reports produced by this office for the year ending June 30, 2005. The final statements from our auditors Powers & Sullivan are included after the Permanent Audit Committee section. This is the second time that GASB compliant statements have been presented in the Town Report. These statements include our fixed assets and infrastructure and represent a new method of presentation for governments. Part of that report is “Management Discussion and Analysis” (MD&A) which will give you an analysis of the financial activity for FY05 for the Town of Belmont.
The fiscal year ending June 30, 2005, ended on a positive financial note with our “free cash” certified for $1,723,570, up from $1,079,716 for the year ended June 30, 2004, $772,779 for the year ended June 30, 2003 and $183,081 for the year ending June 30, 2002.
The “free cash” can truly be counted as the results of the Town’s overall operations because it takes into account not only General Fund operations but also any deficits in other Town funds (Special Revenues). The free cash is usually a combination of revenues that come in over and above the budgeted amount as well as any appropriations that are turned back into the Unreserved Fund Balance at year end. This year, because of a Board of Selectmen policy of delaying the filling of town positions, left over appropriations from various town departments, and strong revenues, the free cash the free cash was higher than has been seen. You will see the results of operations on the “Budget versus Actual Statement” for the General Fund, Water Fund and Capital Projects Funds. This also identifies the
departments and revenue categories that resulted in the “free cash”. The Balance Sheet gives a snap shot of the Cash, Receivables, and Payables for the Town as of June 30, 2005. There are essentially three separate Balance Sheets, one for the General Fund, one of the Water, Sewer and Electric Enterprises, and the other showing all other Funds. The presentations here are on a strict cash basis as required by the Department of Revenue. The final audited financials from our outside auditors show full accrual of revenues and expenditures and roll the fixed assets, infrastructure additions, and depreciation into the mix.
Each budget year brings its own challenges and this year was no different. I would like to thank Frank Martin, our new Assistant Town Accountant and Paula Carroll our Accounts Payable employee for all their hard work. Each year my involvement with the Warrant Committee and the Capital Budget Committee makes me realize how hard our citizen committees work for the Town.
Barbara Hagg
Town Accountant
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