On July 15, the Pagosa Springs Town Council listened to an audit presentation for fiscal year 2024 given by Crimson Singleton, representing accounting and advisory services firm Hinton Burdick.
Singleton told the council that, overall, the town’s general fund “is in a healthy position,” adding that the town “is in a good spot, even though tax revenues are trending downward a bit.”
She noted the capital improvement fund, which are assigned resources designated to be used for capital improvement projects, was left with a $3.8 million fund balance.
“It’s not unusual for this fund to fluctuate a little bit, because sometimes resources are saved up for big projects and then, as the project starts, the fund depletes a little bit, but, overall, it’s been steady the last couple of years,” she said.
The town’s tourism fund “increased a little bit, due to less expenditures and increased revenues, ” and “the geothermal fund had an increase of $170,000,” she said.
“All of the governmental funds [for fiscal year 2024] operated within the approved budgets,” she said.
Town Manager David Harris thanked Singleton and her team for “their thoroughness and professionalism,” adding that the town “will once again submit the ACFR to the Government Finance Officers Association (GFOA) for recognition of Achievement Award.”
The town previously received a Certificate of Achievement in Financial Reporting from the GFOA for its annual financial report for the fiscal season of 2023.
“We want to have a tradition of good accounting,” Harris said.
On the issue of debt, the independent auditors’ report, compiled by Hinton Burdick, states, “At year-end, the Town had $3,666,246 in governmental-type debt, and $2,949,505 in proprietary debt. During the current fiscal year, the Town’s total debt decreased by $534,465.”
derek@pagosasun.com
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