Mt. Vernon Register-News


January 16, 2014

Airport receives clean audit


During his report, Kieffer said the general operating fund has an excess of $31,351, or revenue over expenditures. He also reported the accounts receivables balance of $8,917 has decreased over year ago figures.

The cash in the governmental activities fund had a balance of $425,123 — a decrease of $27,860 from last year; and the airport had capital assets of $8 million, a decrease of about $509,000 from last year.

“Our total assets went down by about $513,000, but a big portion of that was from depreciation of assets we bought in prior years,” Kieffer said. “That’s not a bad thing. We had capitalized these assets and it shows, and if you look at last year, we’ve added over $1 million in assets but we’re depreciating these now.”

He added, “We knocked $180,000 off our general obligation bonds and our liabilities from accounts payable — what we owe other people — dropped by $20,000 to $2,336. That’s quite an accomplishment. Probably where part of that $27,000 decrease in cash probably went to liabilities that were on the books this time last year,” Kieffer said, adding, “Our cash flow without depreciation is not too bad.”

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