by Geoff Fox
After almost a year since fiscal year 2022 ended, town officials got a look at the audit from that year’s budget.
Accountants from Albright Crumbacker Moul & Itell of Hagerstown did the audit. This was the first audit the firm had performed for the Town of Hancock.
Cheryl Dodson told Hancock officials the financials were presented fairly, which means it’s a clean opinion.
Dodson said the town has unrestricted net assets of $4.25 million on June 30, 2022. This was due to the excess of “current year over expenditures.”
“So you had a pretty great year by the numbers,” she said.
The town’s sewer funds had income to cover its operating expenses while the water and sanitary funds fell “a little bit short” as far as operating income, she said. There were grant revenues and other revenue made up for that, Dodson added.
There were some issues with the new police hires being delayed getting enrolled in pension plan until they had completed the academy.
Dodson said she understood why, but the planning document doesn’t allow for that.
According to the rules, the cadets would need to be put into the plan when they are hired and before they enter the academy. This would be as soon as they are on the town’s payroll.
“I understand you have a vesting schedule, which I think it was just a matter of practicality they were delayed because sometimes they don’t graduate from the academy and the you just forfeiting that back out,” Dotson said.
Town Manager Mike Faith said if the town contributes to a cadet’s pension and they were to quit, the money is still on the plan for the other cadets.