Charleston’s annual audit report was given during Tuesday’s city council meeting.

Joyce Madigan, from the accounting firm of Gilbert, Metzger and Madigan, gave the report, which had both high and low points.The report highlighted items pertaining to the financial standings and changes made to the original report submitted by the city.

There were no significant problems with the city’s report, Madigan said.

“The city is in good financial shape; it has a strong balance sheet,” Madigan said. “However, in hard economic times like now, it is important to keep it that way.”

This year, Charleston’s net assets total $40 million, $36 million of this being capital assets. The depreciation of capital assets is also included.

This is $1 million positive change, Madigan said.

The various capital assets of the city sit on a total of 12 acres and include the infrastructures and roads and bridges.

“One thing to look at is the total net change in what you need to increase capital growth in a city,” Madigan said.

This $1 million is used to pay loans and reinvest into the city, not to turn into cash, she said.

However, the waste and sewer fund for the city does have a negative sum balance.

“The important thing is to keep a strong general fund to help out as (the city) tries to improve the structure with the given terms,” Madigan said.

Mayor John Inyart asked Madigan if there has been a negative trend within the organizations and municipalities she has worked with.

“Most organizations’ revenue streams are tighter; the state revenue is shrinking but expenses are not decreasing,” she said. “Municipalities are having to take a hard look at their budgets and make some hard decisions.”

Madigan said it is a continued struggle.

“Every one is having to justify every line item at times,” she said.

When asked about a possible light at the end of the tunnel for the economy as a whole, Madigan said she had no crystal ball and could not tell the future for certain.

“The economy looks like it is stabilized for now, but I don’t know when it will trickle down to Charleston,” Madigan said. “Sometimes it takes a long time for the downturn to hit the smaller communities and longer to see the turn around as well.”

However, Madigan and Inyart both said the maintenance and construction happening at Sarah Bush Lincoln Health Center and at Eastern would benefit the area.

There may be no immediate property taxes from the new structures being built, but there are still jobs being produced and opportunities for the county, Madigan said.

“I am confident we have the right people on our end of the budget,” Inyart said. “However, I’m afraid things will get worse before they get better.”

In other news:

After the meeting began, city council member Larry Rennels had to be voted into the meeting from a remote location and was able to vote on the consent agenda over the phone.

The consent agenda included a raffle ticket license for the Charleston Elks Lodge 623 for a motorcycle giveaway. All members must be present and vote positively to approve a raffle license, which was passed with Rennels’ vote.

With the retirement of Steve Whitley from the Charleston Carnegie Public Library Board of Directors, Cindy Wittow was appointed to fill his position.

Kayleigh Zyskowski can be reached at 581-7943 or kzyskowski@eiu.edu.

Joyce Madigan reports the annual city audit review to members of the city council at Tuesday’s city council meeting.(Chelsea Grady/The Daily Eastern News)

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