Wilder is in good financial shape according to the latest audit report presented at the city’s February council meeting.
The 51-page report published by independent accounting firm Maddox and Associates covered the city’s financial statements and internal control between July 2021 and June 2022. It concluded with a clean opinion on both fronts along with multiple positive highlights. With high cash on hand and low total liabilities, Wilder’s net position is a surplus of $2.8 million.
The one long-term debt rests with the 2019 series of bonds that funded the construction of the new downtown firehouse and adjoining city park. That outstanding balance currently sits at $5.8 million and is set to be paid off by 2048 at the earliest.
Furthermore, though there are no direct dues required within the next year, Wilder is responsible for over $7 million in net pension and other post-employment benefits (OPEB) for its retired city employees.
While it is a slightly confusing bit of math to the naked eye, auditors assured the council that no retractions or corrections are needed on their part.
“I tell all the councils I go and present to that the most important thing you can do is monitor budgets and ask questions,” said Paul Maddox, president of Maddox and Associates.
The other major spending issue discussed was the unanimous authorization to replace two heating and air conditioning units on the city building’s roof.
A recent inspection uncovered that the heat exchanger was cracked in both; one of which controls the air quality and temperature in the council hall and the other in the basement. While the need to properly heat the space through the rest of winter was an immediate concern, the broken 24-year-old units also run the risk of causing major carbon monoxide poisoning if left unattended.
Replacement costs for both will top $20,000, a price which opened the floor for discussion of a possible capital schedule for future emergency maintenance issues.
“We have never been able to get a handle on that stuff from vehicles to the ice machine downstairs…but this is the difference between if you want to spend the money up front and have people checking up on things ever so often or wait until they go out,” said Wilder City Administrator Terry Vance.
Accountability rounded off the evening with the reestablishment of Wilder’s ethics board. The three-person committee originally created via a 1994 state statute to oversee conflicts of interest, nepotism and insider business information had been underutilized for years.
“I can’t remember the last time it ever met, but the people we had on there were either no longer willing to serve, moved out of the city or died,” said Wilder City Attorney Justin Verst.
Of the 15+ candidates that applied, Diane Redmond, Greg Castle and Craig Curk were selected to serve based on their complimentary skillsets and community engagement. All three were inspired to apply as a way to give back and foster a greater appreciation for their home.
Curk, who was selected as committee chair, said, “After 30 years in Wilder, I’ve found it to be a really special place… Now I feel it is time to give back as a part of my civic duty and responsibility to the community.”
Within the year, the process will move to a regional ethics board, but until then residents who suspect an ethics violation has occurred can contact the city building or clerk’s office online or in person to report the infraction.