Va Van Gor order er, W Walker & & Co. o., I Inc. - - PowerPoint PPT Presentation

Va Van Gor

• rder

er, W Walker & & Co.

• ., I

Inc.

Thursday, January 9, 2020

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 In our opinion, the financial statements

present fairly, in all material respects, the financial position of the City of Ludlow, Kentucky as of June 30, 2019 and the respective changes in financial position for the year then ended, in conformity with accounting principles generally accepted in the United States

• f America.

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 No Matters Involving Internal Control over

Financial Reporting and Operations were Considered to be Material Weaknesses or Significant Deficiencies in Accordance with Government Auditing Standards

 No items of Non-Compliance with KRS

statutes, grant agreements, loan agreements, etc. to report

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 In FY 2018, management and the council was

informed that the City was in jeopardy of becoming insolvent in the very near future.

 Management has subsequently:

• Reduced personnel and operating costs
• Generated revenue through an increase the insurance

premium tax

• Signed fire services contract with the City of Bromley
• Located uncollected franchise taxes owed to the City.
• Enforced collection of delinquent taxes, fees, fines and

liens.

 As a result of management actions, the City is no

longer in immediate threat of insolvency.

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($600,000) ($400,000) ($200,000) $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 2014 2015 2016 2017 2018 2019

Total Assets Liabilities Fund Balance

$215,786 $41,831 $12,864 GF Cash

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Cash Position $613,173

$164,411

$2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 2014 2015 2016 2017 2018 2019

Total Revenues Total Expenditures

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Public Works Bldg.

$2,183 $120,050 $64,691 $90,067 $472,474 $473,256 $557,852 $2,326,815

Grants Police Services Other Municipal Aid Charges for Services Fire and EMS Licenses/ Permits Taxes $0 $1,000,000 $2,000,000

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$5,791 $27,352 $287,741 $167,546 $234,774 $622,958 $1,229,155 $1.353.786

Park Dept. Municipal Aid Public Works Debt Service Capital Outlay Fire Administration Police $0 $400,000 $800,000 $1,200,000 $1,600,000

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$2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000

2014 2015 2016 2017 2018 2019 Budget Actual

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Loan Proceeds and Interfund Transfers Removed

$1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000

2014 2015 2016 2017 2018 2019 Budget Actual

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