By Joshua Blankenship
On the City of Wayland held its regular meeting, during which newly-appointed auditor Richard F. Paulmann discussed the city’s financial situation.
Paulmann was tasked with preforming the 2017 fiscal year audit for the City of Wayland.
The report brought the council up to date. The Council has approved for Paulmann to do their 2019 fiscal audit, which will be presented at the end of the 2019 fiscal year.
“A couple ratios of interest would be your current ratio, current assets over current liabilities” Paulmann stated.
He explained that the city’s assets outweigh its liabilities by 22 times. Paulmann said that, as a result, the city is able to pay debts as they occur instead of accumulating more debt.
Paulmann went on to explain another ratio that proved to be a positive for the city. The ratio was concerning how many dollars in assets the city would have to have in place to produce a dollar in revenue.
“Here this year you had to have $2.15 in assets to have a dollar in revenue” Paulmann added.
This means that the city had the appropriate amount of assets in order to generate positive revenue.
However Paulmann did state that there were some material weaknesses due to the system set up by the last auditor.
Paulmann assured Mayor Jerry Fultz that the necessary steps were being taken to fix these material weaknesses.
In reference to the audit report, Fultz asked, “So what we are hearing now is that we have a fairly good report with some weaknesses that we are working on, is that correct?”
Paulmann replied that the city is in “really good financial shape.”
The city is in a position of strength, able to create revenue for itself, allowing the commission to focus on resolving the material weaknesses that were presented in the report, Paulmann said
“We are very limited obviously, but we do want to do what we can do, to make sure our people are getting the proper training. We want to do the right thing,” Fultz said. “We are committed to you and doing all the things that you are recommending for us to do.”
The next regularly scheduled meeting will be held at 6 p.m. Dec. 10th.