CLARKS GREEN — During July’s Council meeting, Leah Rosenkrans, CPA of Murphy, Dougherty, & Company, who was accompanied by CPA Bridget Nealon, reviewed the 2023 audit of Clarks Green Borough Council.
First, she mentioned that the general fund balance as of Dec. 31, 2022, was $578,922. She then said that the revenue for the year added up to $793,000 and expenses for the year, $658,000. She said that it resulted in the net income being approximately $135,000. She mentioned that council budgeted to spend around $680,000 but actually spent $660,000, which is a plus of $20,000.
“Overall, the budget was favorable by approximately $122,000,” she said.
Rosenkrans said that the categories in revenue that came out favorable in comparing the budget to actual include the earned income tax, the real estate transfer tax and the refund of a fire expense.
She said that this was offset by equipment purchases and paving expenditures. She then mentioned that the liquid fuels fund as of Dec. 31, 2022, added up to $168,000, which is an increase of $46,000 for the year. She said that the capital fund balance was around $127,000, which is an increase of around $30,000 due to transfers from other funds. She announced that the net position of the sewer fund was $1,014,213, which is an increase of approximately $84,000 for the year. She said that the total revenues for the sewer fund were $416,000 and total expenses were $332,000.
“I feel as though I come here each year, and I say that you guys did a fantastic job of keeping expenses down,” she said. “You just continue to do that.”
Rosenkrans thanked secretary Jo Ann Culbertson for her help with the audit.
In other business, Culbertson mentioned that council is hardly making money from either the sewer or general fund checking account. So, she met with NBT Bank, who offered a rate of 4.5% with a yield of 4.9%.
“I think we should move some money,” she said.
Culbertson said that since she started working for council eight years ago, council always had a money market, but a year ago, they canceled it and put their money into checking accounts.
“But our capital fund, which is also with NBT Bank, is a money market account, and this month we made $328 on interest,” she said. “So, we’re definitely losing money if we don’t put so much money in some of these money market accounts.”
Council voted to open money market accounts for the funds in the general fund checking account and funds in the sewer fund checking account.
In his financial report, Councilman Dave Rinaldi listed the following account balances as of June 30, 2023: general fund checking account, $779,542.38; capital fund checking, $128,046. 79; sewer fund checking, $539,238.34; state funds, $216,525.
Council voted to approve the finance report.
In other business, council voted to pay Clark Equipment Company $8,192.53 for the brush attachment of the new skid steer and authorize the borough to apply for reimbursement for the funding grant.
Also, Culbertson announced that the price of leaf bags are cheaper this year than last year. She said that this year the price of 101 bundles (6,480 bags) is $4,633.20, which is 68 cents a bag.
Council voted to pay Pabco Industries $4,397.76 for leaf bags for 2023.
Council voted to purchase four signs from Fast Signs for the Department of Public Works yard to prevent residents from leaving trash there.
