Subject:
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Presentation of 2017 Comprehensive Annual Financial Report (CAFR)
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EXPLANATION AND SUMMARY:
The Town Code of the Town of Vienna, Section 2.6, requires the Town Treasurer to arrange for an annual audit of the books and records. Robinson, Farmer, Cox Associates has completed the audit for the year ended 6/30/17. The Town continues to be fiscally sound.
The auditors will present the Comprehensive Annual Financial Report (CAFR) for the Town of Vienna at the December 11, 2017 Council Meeting to meet the new State year-end deadline. The Town of Vienna's Comprehensive Annual Financial Report for the fiscal year ending 6/30/17 is "presented fairly, in all material respects, ...and in conformity with accounting principles generally accepted in the United States," according to Robinson, Farmer, Cox Associates.
The Town ended the year in financially stable condition. The unassigned General Fund balance increased by $107,516 or 1.3 percent primarily due to increased real estate assessments, business license taxes and savings in snow removal costs, partially offset by higher landfill costs and planned salary increases.
The Water and Sewer net position increased by $522,272 or 5.6 percent, of which $260,000 is availability fee revenue, and as such is set aside for capital improvement. Other key contributors to the increase were decreased personnel costs due to open positions partially offset by higher sewer treatment fees.
Pension funds showed a slight increase over 2016 due to an increase in investment income and contributions in excess of fund disbursements. The Debt Service fund balance showed a $348,095 increase from 2016 due to a 6.8 percent increase in meals taxes partially offset by higher debt payments due to the 2016 bond payments coming on line.
Total compensated absence obligations increased by $49,505 and post-employment benefits increased by $71,643 to $593,651. Pension liabilities due to implementation of GASB 68 for local ...
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