The Rigby Urban Renewal Agency received their 2020 audit from Jensen Poulsen and Company.
In total assets, the agency had $734,373 in the General Fund, $8411 in total Liabilities and $731,710 in total net assets. Total general revenues in the General Fund were reported at $327,067 with $314,371 from property taxes and $12,696 in interest earnings.
Total Expenditures and Expenses were $580,606 from the General Fund. The excess of revenues over expenditures was reported as $253,539 with a change in the net position of $251,866. At the beginning of the year, RURA had $979,501 and ended with $725,962.
According to the notes to the financial statements, the agency does not levy property taxes but that it is entitled to the net increase in property taxes levied by other taxing entities within its jurisdiction after Aug. 1, 1994. All property tax receivables are shown net of an allowance for uncollectibles.
Receivables at the end of the year consisted of $6,520 in property taxes. Payables at the end of the year consisted of $2,663 in accounts payable.
The Urban Renewal Agency does not have inventories or prepaid items as of Sept. 30, 2020 and the agency does not own any capital assets. Any assets constructed by urban renewal are transferred to the city of Rigby.
The RURA original/final budget for the Fund Balance as of Sept. 30 was $163,055, with $725,961 under the Actual Fund Balance and $889,017 as the Variance Fund Balance.
Revenues for urban renewal decreased slightly in 2020 as compared to 2019 with total 2020 revenues at $327,067 as compared to total revenues in 2019, which were $347,029 – a variance of $19,962.
Total expenditures increased significantly from 2019, with $558,415 in total expenditures for 2020. Total expenditures in 2019 were $55,499 – a variance of $525,107.
According to the final statement in the urban renewal audit report, there were some limitations in the completion of the audit report but Jensen Poulsen & Company did not identify any deficiencies in internal control that they consider to be material weaknesses.
The full audit report can be requested through the Rigby Urban Renewal Agency. Contact information for RURA members are at www.cityofrigby.com/urban-renewal.php.