During Monday night’s meeting, Princeton City Council approved the 2023 audit for the City of Princeton and approved a bid for the demolition project at the City-County Park.
During the presentation, CPA Jessica Daniel from Eddyville reported that the City of Princeton received a clean opinion on the 2023 audit, indicating that the financial statements accurately represent the City for the year. She also noted that it was another good year for the City of Princeton.
click to download audioShe said the City showed a profit of nearly $3 million.
The audit showed expenses increased a little over $873,000.
click to download audioFurthermore, she shared that the total of assets placed in service this year was north of $2.3 million due to renovations and repairs, along with a new debt on the books this year.
click to download audioDaniel also highlighted that the City received more than $48,980 from the opioid settlement fund which is in the general fund. She emphasized that these funds are restricted and can only be used for specific purposes.
Additionally, she mentioned that the total federal funding the city received this year was north of $1.7 million.
click to download audioIn conclusion, she said as with prior years the only finding was segregation of duties due to the City’s small office staff. Overall, she said everything looked good and healthy.
Mayor Brock Thomas also gave an update on the City-County Park bids, informing the council that they had received two bids for Project 1 — the demolition. The bids were from Watson Excavating & Farms for $5,750 and Stallins Excavating for $10,000. Mayor Thomas recommended approving the lower bid from Watson Excavating Farms, which was unanimously approved by the council, with Councilman Brian Conger absent from the meeting.
Two bids were also received by the City for Project 2, which involved the field renovation. Mayor Thomas said the bids were from Go Green Lawn Care for a total of $22,525 and a total bid of $23,150 from Watson Excavating & Farms. He recommended postponing any decision until the next meeting because there was an additional item in Watson’s bid – bags of infield mix – that he wanted to break down for council members to ensure a fair comparison.
