POMARIA — Tim Cornelison presented a review of the Town of Pomaria’s audit to Council during Wednesday night’s meeting.

“I try to look at things like current assets compared to current liabilities, because current assets are things that are going to be turned into cash are or either it is cash within a year. Current liabilities are an outflow of cash of about within a year,” said Cornelison.

Pomaria’s current assets are at $107,000 and current liabilities are running at about $2,000, which Cornelison said was positive for the town.

In Cornelison’s report, he also looked for any findings of debt within the Town of Pomaria. He reported no debt, except for a net pension liability, which the town does not owe.

This is something that the state implements for retirement, where the present value is taken of how much will have to be paid out for whoever is in the retirement system. This will be the liability that the State will have to pay.

“Even though this is supposed to make things clearer, you’ll never have to pay this liability. You have already pumped money into the system,” said Cornelison.

Cornelison also discussed the town’s payables, which consists of items such as telephone, utilities, payroll taxes and retirement, which consists of whatever retirement was held from a paycheck, usually submitted the following month.

“When you look at the income statement, it’s showing a loss of $14,000, but that $14,000 loss includes a $16,000 depreciation non-cash expense. So really you’ve made $2,000 cash-wise,” said Cornelison.

Other business:

• The Town of Pomaria’s financial report showed a beginning balance of $5,015.50 on June 1 and as of June 30 had an ending balance of $19,287.

• Expenditures for June totaled at $5,885.27. The budgeted total of expenditures through July 1, 2016 to June 30, 2017 was $37,943, leaving a total of $1,268.39 in the remaining FY 2016-2017 budget.

• Total revenue for June brought in $20,157.57, with $37,452.96 being collected from July 1, 2016 to June 30, 2017.

• Mayor Darryl Hentz reported that he has spoken with Malaria Wadsworth, who attended the previous Council Meeting. She has requested to use the Town of Pomaria Old School Cafeteria on August 12.

Last month, Wadsworth addressed Council on concerns she had within the community and wanted to hold an event that would help steer them in the right direction. Hentz said that Wadsworth will possibly attend the next meeting to present an agenda to Council on what will be done during the event.

• Council was informed of signs on Holloway and Folk Street that need to be fixed.

Hentz
https://www.newberryobserver.com/wp-content/uploads/2017/07/web1_Hentz.jpgHentz

By Kelly Duncan

kduncan@civitasmedia.com

Reach Kelly Duncan at 803-768-3123 ext. 1868 or on Twitter @TheNBOnews.