Outside auditor delivers Westminster’s 2015-16 audit

The annual examination of Westminster’s financial records has been completed and delivered to the city council.  The council accepted as information Leslie Kelly’s presentation on behalf of the certified public accountant firm McGregor and Company.  Kelly summarized her firm’s findings covering 2015-2016 by saying Westminster experienced a $92,725 reduction in its fund balance, which by June 30 stood at $590,981.  General fund revenues exceeded budget projections by $187 thousand, but “net capital contributions and transfers were below budget by approximately $340,000”, and that Kelly reported created a net variance “of an unfavorable $360,000.”  Utility revenues were stronger during the 12 months, increasing the city’s net utility position to $6.75 million.  The preliminary draft audit numbers about 50 pages, and Councilman Bill Brockington said he wants to take time to go thru it.