Posted 6 months ago
By John Axtell
The man who conducted the fiscal year 2013 audit for the city of Chadron says the city is in very good shape financially.
Jim Gardner, a partner in FALCO…Fred A Lockwood and Company…says Chadron is the strongest of the more than one dozen cities in the Panhandle that the company works with.
In fact, Gardner says the major problem faced by Chadron is that it’s been so conservative with its finances that its cash reserve was too high at the end of the fiscal year September 30th.
Gardner says Chadron has the large reserves because city leaders knew there were some big projects coming up.
Gardner says the city gets around the problem by including in its budget a number of projects that almost certainly won’t be started in that fiscal year, allowing those projects to count as spending without actually doing any spending,
This was the first year that FALCO did the Chadron audit and Gardner didn’t make his audit presentation to the Chadron City Council until last month.
He apologized to the council, explaining the delay was the result of a “perfect storm” of issues including a change in city finance officers and a move to new financial software by the college. He expects to complete the audit for the current fiscal year and present it to the council early next year, possibly as early as January.