Partner Mike Kleger and Manager Leslie Michalik of Pigg, Krahl and Stern accountants delivered Pocomoke’s financial statements and audit report for fiscal 2016, which ended June 30, and noted a deficit in net position of $639,000 from last year.
Net position is the term, adopted in 2011, that replaces net assets. The shorthand in describing the term is if 100 widgets were purchased for one dollar each, but are now trading for $9, the net position is worth $900, or the total current value minus the cost of the initial investment.
“The City’s combined net position, after depreciation, at June 30, 2016 was $10,705,000. Of this total, $13,400,000 is invested in capital assets or restricted for special revenue leaving an unrestricted deficit in net position of $2,696,000,” the report reads.
Meaning, the town’s liabilities outweigh its assets by almost $2.7 million.
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6 comments:
Whoops! Didn't see that coming?
How on earth can a TOWN have $2.7M more liabilities than assets?
Someone is not managing the town's finances.
Democrats???
All that had been leaving and did leave the day Russ Blake retired. Look up his name in the dictionary.....it says Delmarva's biggest thief and crook. I know, I worked under him.
"PCPD is adding a 17th officer"
This says it all. This is the problem in all towns in America. Pocomoke City is about the same size it was in the 60's but the police department is over twice as big now as it was in the 60's and with no decrease in crime.
watch out for the Justice Department's extortion payment coming up.....
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