While the overall financial health of Wood River appears to be good, there are areas that could see improvement according to the 2015-2016 audit report. The Governmental Funds showed revenues of about $2.4-million with expenses of just over $2-million for the fiscal year, resulting in a balance of about $350,000.
That compares to a balance of just $32,000 at the end of the previous year. Kevin Tepen, partner at C.J. Schlosser & Company, says the Proprietary Funds that include water, sewer, golf course, and Aquatic Center were of some concern.
Click here for Tepen's comments
He notes that with the increase in the water and sewer rates, the city is making strides to balance those funds. In other City Council business, the board voted to terminate participation by elected officials in IMRF. No elected officials currently participate.