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Auditor: Fredonia finances look fine

The village of Fredonia’s latest audit found its financial situation in good shape.

Denise Velosky, of Johnson Mackowiak and Associates, gave a presentation about the audit at the Dec. 2 Board of Trustees meeting.

“Our overall opinion … is an unmodified opinion, which means it is a clean opinion on the overall financial status of the village as of the end of the year. There were no overall audit findings,” she said.

Velosky said the “net position” of the village, after all assets and liabilities are taken into account, was just over $9 million in the black at the end of this fiscal year, as opposed to $7.7 million at the end of 2018. Revenues went from just over $9 million in 2018 to $10.7 million this year, while expenses also went up — to $9.4 million, from $8.7 million in the 2018 fiscal year.

The auditor noted that all balances in village funds are insured, “which is something we look for.” She later added, “We have no expenditure items that are over budget … so that’s a positive note.”

There was one internal control and compliance issue flagged, Velosky continued: “We had the material misstatement for the adjustment that needed to be made to the college for the water bill. That final amount was determined, it was recorded, it’s reflected in financial statements, and because it is material it was disclosed.”

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