More on the September 19th interview of Richard Powell

Even though Mr. Powell would not state blame upon Ms. Tomlinson, he did say the “Town” was responsible and since all the money is handled by Ms. Tomlinson, she therefore is responsible even though no one dares to mention her name.  What poppycock.
Because of Scott Gay being on the Committee to make a determination on our CPA’s who responded, one learns something new each time.  I had no idea what a “Yellow Book Audit” was but it is basically the financial audits the Government needs done called “Single Audits” in the CPA proposals.  It can be done on such things as grants and goes beyond the General Accepted Accounting Principles (GAAP).  The reason it is called a Yellow Book regarding the Government Auditing Standards is that all information is located in a Yellow Book.
Contrary to what some of the council wish to do by not taking money from the Enterprise Account and moving it to the General Fund, Mr. Powell believes since it is not illegal, that Enterprise Funds should be moved over to the General Fund to assure we have sufficient money.  The reason Mayor Miller indicated she did not wish to do so was because it will entail an increase in water and sewer rates.   Mr. Powell feels Rural Water is the “bomb” because of their research, development and experience and if they say there should be a rate increase, then we should increase the rates.
When asked how we know we are bankrupt, Mr. Powell stated it is when we spend more money than we bring in.  It is when we don’t make payroll and cannot pay our bills.
Scott Gay brought up the fact that the auditor at Stephen Foster charges $ 7,000 for a relatively simple audit in comparison to one done in White Springs.  And he asked how Mr. Powell could afford to do an audit for $10,719?   Mr. Powell stated he did not have to spend a lot of time.  His firm has a secure portal for clients to send their financial details and his staff is very familiar with the work.
The committee consisting of Councilman Tom Moore, CPA Scott Gay, Nikki Williams, a young lady who I have never been introduced to and Anita Rivers have done a Marvelous Job.
The CPA from Sexton & Schnoll will be interviewed on October 1st at 6:30 PM.

 

 

 

Karin for the blog

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