The Midway City Council accepted the annual audit of its financial
operations for the fiscal year ending June 30, 2023, at this week’s
council meeting.
S.K. Lee C.P.A., the city’s independent auditor, lauded the audit.
“This is the best opinion a C.P.A. can issue,” said Lee. “This is a very
strong financial statement.”
Lee said the net condition of the city after analyzing liabilities and
assets is a positive $6,339,577. The city currently has $1,224,052 in
“cash” held in a money market certificate of deposit.
“This means the (city’s) equity is really good and it’s the kind of
financial statement you brag about. The equity to debt ratio is 6:1,
meaning for every one dollar you owe there are six dollars to cover it,”
Lee said.
He also pointed out that the change in net position from the prior
fiscal year was $171,298 and that on top of last fiscal year’s growth of
$250,000 showed “Midway is cumulatively growing its assets which is
really good.”
Lee said the city’s financial management practices were “outstanding”
noting that all invoices and accounts payable were always made within 30
days.
Lee said the one area the council will need to pay attention to is the
pension liability. Lee said this is something the council cannot control
as the relevant participation amounts and rates are set by the Kentucky
Retirement System in which Midway, by law, participates.
“In nine years, the liability has doubled from $301,000 in 2015 to
$847,168 in 2023,” he said. “This shows up as a liability on the
financial statement and it is something the council needs to be aware of
and plan for in its budgeting process – meaning the liability has to be
covered during budgeting.”
New name for Old School Park
Celia Goss from the Midway Park Board requested approval from the
council to rename the park behind the old Midway School to “Bluejay
Park.” Goss said the name was chosen after talking to several people and
“all the teams, both boys and girls, who played for the school were
named the Bluejays.” She said the Clark Memorial Ballfield would keep
its name.
“(The board) believes specifically naming the park will help people in
talking about it, fundraising and giving directions,” she said. “This
park is in the process of being rejuvenated so it just seems naming it
makes sense now.”
She added that a local person has been identified to design a logo and
the board will fund a new sign.
Councilmember Logan Nance said, “I like the name but we just need to
make sure we hear from others.”
Mayor Stacy Thurman agreed, saying, “I love the name, but we need to
make sure folks in that part of town are OK with the name.”
Councilmember Mary Raglin, who lives in the area, said “I agree with
Logan . . . I’d like to hear from others to see what they think.”
The council decided to table the motion to name the park until the next
meeting to allow the park board and council members to solicit
additional views and opinions.
Ballfield access
During a recent council meeting’s public comment, concerns were raised
about the community’s access to the ballpark currently being used by
Midway University for its women’s softball team under the terms of an
agreement with the city.
Thurman said she and Raglin met with Midway University President John
Marsden and Midway Vice President Ellen Gregory on the issue. The
university agreed to leave the gate to the ballfield open during the
team’s off-season. It would be open from morning until dusk when it
would be locked. Thurman encouraged people who wanted to use it for
things other than walking around to reserve the field by contacting the
university.
Juneteenth Celebration
Midway was the first city in Kentucky to officially make Juneteenth a
holiday. The council approved the necessary permit for the organizing
committee to hold this year’s event on Main Street on Saturday, June 15.
Juneteenth marks the date that slavery officially ended in the United
States on June 19, 1865, when the Emancipation Proclamation was ordered
into effect in Texas.
April council meeting dates
The council approved new dates in April for the city council meeting,
April 8 and April 22.