BROKEN BOW—During Tuesday’s City Council meeting city officials were presented with a dividend check on behalf of Universal Insurance, who represents Broken Bow’s insurance agency EMC. Universal Insurance Owner Nate Bell said that due to a profitable year, the agency was able to present a check for more than $28,000 to the City of Broken Bow.
Bell told KCNI/KBBN that a statewide profitability study is conducted for all represented municipalities, and some years cities will see a bonus check from their insurance representatives.
Jeff Oeltjen, CPA with Dana F. Cole presented the annual audit report draft and described the audit process with the year ending September 30, 2017.
“We start out interviewing the staff, some of the staff if there’s any concerns with fraud or anything like that, any areas that we need to maybe look at a little bit closer. We review the minutes also to bring up any changes or anything that we need to consider looking into a little bit more, testing a little bit more. Then we develop our plan based on that. We go ahead and confirm bank accounts. We confirm with the county and the state revenues. We tie down all the balance sheet items both on the city side and the utility side. We test the payroll including the pension; analyze power revenues and then the costs or the purchase costs of the power; review the expense accounts for any items that might appear that need to be more capitalized,” Oeltjen said.
The council voted to approve the report and it will now be sent to Lincoln.
The council approved payments of $10,156 to JEO for 2018 Paving Improvements; $100,000 to Chief Construction for work completed on the Broken Bow Library Renovation; and a payment of $3,435.84 to JEO for library design services/building renovation.
Councilman Rod Sonnichsen moved to go into executive session at 12:27 p.m. for the purpose of litigation. He said no decisions would be made.
