Unmodified on the regulatory basis
The 2024-2025 financial statement was found fairly presented, in all material respects, under the Indiana SBOA regulatory basis.
JNRU · MONEY + DEBT
UTILITY MONEY.
NO FOG MACHINE.
The latest financial report gives a clean two-year snapshot for 2024 and 2025. The debt file now also carries the 2022 board-minute contradiction instead of flattening the history into one audit sentence.
$1.804M2025 receipts
$1.839M2025 disbursements
$538,222Ending cash + investments
+32.9%Personal services, 2024→2025
Two-year operating picture
Receipts were almost flat. Spending rose.
Total receipts increased only $3,139 from 2024 to 2025, while total disbursements increased $100,902. Ending cash and investments declined by $34,301.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total receipts | $1,801,125 | $1,804,264 | +$3,139 · +0.2% |
| Total disbursements | $1,737,663 | $1,838,565 | +$100,902 · +5.8% |
| Personal services | $563,650 | $748,888 | +$185,238 · +32.9% |
| Utility operating expenses | $997,240 | $737,135 | -$260,105 · -26.1% |
| Ending cash + investments | $572,523 | $538,222 | -$34,301 · -6.0% |
Do not confuse “personal services” with a certified employee-payroll dataset. SBOA defines this category broadly to include salaries, wages and related employee benefits. This page does not invent person-by-person compensation from that aggregate.
2025 fund position
Where the $538,222 ended the year.
Rainy Day
$379,746
Wastewater
$116,176
Water Operating
$42,300
Debt timeline
From 2005 bonds to a 2026 payoff.
The final audited terms come from 33550A. The 2005 preliminary resolution authorized a ceiling of $1.965 million and final maturity no later than September 1, 2022; the later audit reports the actual issue as $1.855 million.
$1.855 million Waterworks Refunding Revenue Bonds
33550A says the issue carried rates from 3% to 4.70% and level debt service averaging about $155,000 a year. The preliminary resolution had authorized up to $1.965 million, up to 6%, with final maturity no later than September 1, 2022.
Default in May
33550A identifies May 2018 as the default date. SBOA's schedule of officials places Dan B. Wooton Sr. in the Financial Controller / Utility Manager role throughout this period.
March $20,000 payment claimed in later minutes
At the August 10, 2022 meeting, Treasurer Michael Gerth said the last bond payment had been $20,000 in March 2020. That statement conflicts directly with 33550S, which says no bond payments were made between 2018 and 2022.
Board authorizes another $20,000
After Gerth reported contacting the bondholders, the board unanimously authorized a $20,000 bond payment. The minutes prove authorization; a cleared instrument or creditor ledger is still needed to prove final receipt.
Scheduled maturity passed
The issue should have matured by September 1, 2022. Debt remained outstanding afterward.
Verbal agreement
The District and bondholder agreed verbally to semiannual payments of $60,000 toward principal. The 2023 report showed $550,000 outstanding.
$120,000 reported under the workout
33550S says the District paid $120,000 during 2024 and 2025 under the verbal arrangement. The 2024 audited fund schedule separately reports $121,375 in principal and interest from the Water Operating fund.
$310,000 principal left
The December 31, 2025 debt schedule reported $310,000 principal outstanding.
Board authorizes payoff; audit records payment
On February 11 the board approved paying the delinquent $310,000 balance in full. 33550A states the Waterworks Refunding Revenue Bonds were paid in full on February 24, 2026.
Central unresolved discrepancy: was the March 2020 $20,000 item a true payment to the creditor, an internal transfer, a partial payment excluded by audit wording, or an erroneous recollection? The public records now on the site do not answer that.
2025 receivables + payables
The year-end utility balances.
| Enterprise | Accounts payable | Accounts receivable |
|---|---|---|
| Water Utility | $22,141 | $140,912 |
| Wastewater Utility | $30,575 | $71,921 |
| Total | $52,716 | $212,833 |
Accounting caveat
The numbers passed one test while the controls failed another.
Fund accounting still drew a finding
The supplemental report says no funds ledger was maintained and activity was reconstructed after the fact, with some disbursements allocated by fixed percentages between water and wastewater instead of posted to individual funds.
Source