Saturday, June 12, 2021

Winnebago County board members hear third party financial audit


ROCKFORD, Sick. (WIFR) – Winnebago County opens its books and prepares for an audit presentation on the county’s monetary state of affairs.

“Yr to 12 months they’ll discover completely different areas the place we will enhance on the purpose out stuff that we have to take note of,” Winnebago County Board Member Paul Enviornment mentioned.

A 3rd-party company is available in and takes a fine-tooth comb to Winnebago County’s monetary state of affairs with hopes of creating enhancements.

“Our funds had been below strain for a number of years so you recognize you anticipate them to level out that we have to enhance our reserve fund stability,” Enviornment mentioned.

“We did have is what’s known as the numerous deficiency and these are simply combos of issues that might end in misstatements,” Baker Tilly Accomplice John Rader mentioned.

The company, baker tilly, is a public accounting and consulting agency. Leaders from the agency define monetary considerations in sure areas together with the county’s nursing residence.

“The receivables are getting older which makes them tougher to gather which makes it laborious to take care of money balances,” Rader mentioned.

On the finish of this 12 months, 91% of accounts receivable had been excellent for at the least 90 days, which poses challenges and equates to a major deficit on the residence.

“The money has been declining over the previous few years and on the finish of this 12 months, it was a unfavorable money place of roughly $10 million,” Rader mentioned.

“What we’re doing is these balances and saying we’ve to find out how a lot of this debt is uncollectible,” Enviornment mentioned.

Enviornment says the nursing residence at the moment has round 140 residents, he says the house wants 200 for it to be financially viable, however the county could use a portion of the 55 million {dollars} from the covid-19 aid invoice to assist the house.

“It might be our hope that we may carry the nursing residence to a good stability,” Enviornment mentioned.

Enviornment says the county doesn’t need to even out river bluff’s deficit if it can simply return up to now once more in 5 years. He says there must be a plan so it stays secure transferring ahead.

Copyright 2021 WIFR. All rights reserved.



Source link

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent News