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Lafayette City Council hears positive audit report

by Doug Hanson
Sara Oberloh of Oberloh & Oberloh of Redwood Falls gave the 2023 audit to the Lafayette City Council on Monday, Feb. 12. She stated that the City has a general fund (unassigned balance) of $278,684. The assigned portion of the fund was $293,2434 which dealt mainly with capital improvement, but also included $5,323 for the upcoming city celebration. Finally the restricted portion was $317,973 which included debt service, housing rehab, COVID Relief and capital project.
That gave the City a total fund balance of $889,901. Oberloh stated that the general fund is 70 percent of the budget. She added that the goal for a city is to be between 50 and 75 percent.

For the entire story, check out the February 21 issue of the Winthrop News.

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