Assets for the Village of Ridgecrest exceeded liabilities by $1,190,647 for the fiscal year ended December 31, 2018, according to a financial report released Monday by the Louisiana Legislative Auditor.
Natchez CPA Silas Simmons LLC compiled the report.
The town’s net position decreased $7,398 in 2018, net capital assets totaled $753,757 and the payroll was $78,495.
In 2017, assets exceeded liabilities by $1,202,860, the net position increased $6,521, net capital assets totaled $799,432 and the payroll was $67,058.
The reports says the village’s “general fund budget was amended once during the last year. The budgeted expenditures were $176,392, and the budgeted revenues were $118,598.
“Actual revenues were under budgeted amounts by $3,887. Actual expenditures were under budgeted amounts by $800.
“The Village's public works fund budget was amended once during the last year. The budgeted expenditures were $28,000, and the budgeted revenues were $40,000.
“Actual revenues were over budgeted amounts by $110. Actual expenditures were under budgeted amounts by $1,145.
“As of December 31, 2018, the Village had capital assets of $545,388 in the governmental activities and $208,369 in the business-type activities.”
In a statement of revenues, expenditures and changes in fund balances in the general fund, revenues totaled $114,720 and included $54,511, taxes; $1,919,licenses and permits; $23,498, intergovernmental state funds; $240, fines and forfeitures; and $34,552, other.
Expenditures totaled $175,592 and included $136,894, general government; $3,161, police; $600, fire; and $34,937, sanitation.
The result was a $60,872 deficit. The ended fund balance was $32,034.
In a statement of revenues, expenditures and changes in fund balances in the public works fund, the only revenues recorded were $39,994 from taxes.
Expenditures totaled $26,855 and included $23,855, road maintenance; and $3,800, capital outlay.
The result was an excess of revenue of $13,139 and an ending fund balance of $317,916.
There was one finding in the report concerning segregation of duties: “Because of the small size of the Village and the small number of employees, many of the important elements of good internal controls cannot always be achieved to ensure adequate protection of the Village's assets … We recommend that the Village continue to provide the necessary oversight in its internal control procedures, specifically in the areas of cash receipts, collection receipt activities, recordation of those receipts, depositing of funds collected, and review of checks written.
Management responded that it “is not feasible or cost efficient to hire any additional employees and plans no changes in its operations.”
Ridgecrest was incorporated under the provisions of the Lawrason Act as a village in 1962 “to provide utility services, public safety (police and fire), streets, sanitation, and general administrative services.”
Five elected members serve on the board of aldermen.
Ridgecrest has a population of approximately 642 persons.
The village employees one full-time employee and has approximately 255 utility customers.
Aldermen Robert Maples, Connie Adair, Darlene Humphries, Edwin Lawrence and Rita Bolyer were paid $1,800 each last year.
Mayor Bobby Sheppard was paid $7,656 in 2018, including $7,200 in salary and $456, reimbursements.