Winnsboro’s assets exceeded it liabilities by $7.46 million at the close of its fiscal year, according to an audit report released by the Louisiana Legislative Auditor’s office.
Winnsboro’s fiscal year ends June 30.
Total assets amounted to $18.34 million while liabilities totaled $13.08 million, according to the audit report.
Largest amount of Winnsboro’s net position reflects its investment in capital assets of $12.17 million. Capital assets are land, buildings, machinery and equipment.
Additionally, no findings were listed in audit, down from two findings in last year’s report.
In 2019, auditor’s listed findings in Winnsboro’s general accounting and noncompliance with public bid law. In 2018, auditors listed nine findings in their report.
“My people just stuck to the plan and did what they had to do,” said Mayor John Dumas. “We had to hold our feet to the fire, and we had to work with what we had.”
Dumas gave credit to his administration, especially Town Clark Julia Jackson, for ridding Winnsboro of findings.
“It took a well trained clerk, and Julia showed that in the audit and the last audit,” Dumas said. “This came through hard work, determination and true dedication.”
Additionally, Winnsboro’s governmental funds reported a combined ending fund balance of $1.86 million, an increase of $247,109 or 15 percent in comparison with the prior year.
Governmental funds focus on near-term inflows and outflows of spendable resources, as well as balances of spendable resources available at the end of a fiscal year.
Winnsboro’s revenues totaled $6.559 million while expenditures amounted to $7.411 million for a change in net position of $851,718, according to the audit report.
Largest source of revenues was from taxes totaling approximately $3.34 million followed by charges for services at some $2.20 million.
Taxes made up 75 percent of Winnsboro’s revenues.
Winnsboro also received approximately $393,661 in licenses and permits and $248,277 in “miscellaneous.”
Licenses and permits experienced a decrease in collections of $34,680 over the amounts previously reported.
Winnsboro spent some $3.63 million in “general government” while spending approximately $1.08 million in public safety.
Third largest expenditure was its street department at $927,687. Water department spent $523,163, and sewer department spent $503,011, according to the audit report.
Winnsboro’s business-type activities have three long-term bond debts which was a $840,000 USDA sewer revenue bond dated 1996, a $3 million USDA water revenue bond dated 2004 and a $851,757 sewer revenue bond dated 1996. The third sewer bond was from the Louisiana Department of Environmental Quality (DEQ).
The USDA sewer bond has monthly payments of $4,091 through May 6, 2034 with interest at 5 percent.
The USDA water revenue bond has monthly payments of $13,866 through May 6, 2041 with interest at 4.5 percent.
The Louisiana DEQ bond has payments of $4,547 through May 6, 2031 with interest at 4.5 percent.
The audit was performed by J. Walker & Company of Lake Charles.