Walhalla gets “qualified” opinion on its finances

Walhalla leaders received their copies of the audit covering the city’s financial transactions for the 12-month period ending June 30, 2017. And once again, the city outside auditor said, the audit comes with a qualified opinion. Meaning, says certified public accountant Jason White, that the city has not accounted for a future liability for health care costs. To erase the qualified opinion, White said, the city must undertake a costly actuarial study. Other than that, he said, Walhalla received a good opinion and it included an income gain of $54 thousand dollars. Mayor Edwards and Councilman Bagwell last night expressed pleasure that the city’s annual transfer of utility funds to the city’s general fund in 2016-17 had decreased to $175 thousand—the lowest in recent years. According to Bagwell, the lower the transfer the better position for Walhalla when it goes about borrowing money to pay for a new water plant.