Saturday, June 11, 2022

Auditor warns Columbia Borough about spending down capital fund

Borough Council publicly received the results of its 2021 audit with a warning. The independent accountant who presented the report noted the municipality consistently is reducing its cash position by spending down its capital fund. However, Columbia officials mentioned unique circumstances they say mitigates the decline.

More info: The borough's cash assets were $2.9 million at the end of 2021, down $1.8 million since 2020. This result continues a four-year trend of declining cash balances, said Michael L. Reiner, CPA with Sager, Swisher & Co. "That is concerning," Reiner told council members. The borough's capital fund pays for projects that could include buildings and roads. A separate general fund pays for running the municipality.

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