Morgan
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Morgan's auditors reported a state compliance item in a letter not included in the filed audit
Gilbert & Stewart's state compliance report on Morgan's fiscal 2025 audit says testing found instances of noncompliance, described as item 25-1 in a separate letter to management. The opinion on compliance was not modified.
Morgan's redevelopment agency took in $352,795 in tax increment and spent $660,263 in fiscal 2025
Morgan's redevelopment agency received $352,795 in tax increment in fiscal 2025 and spent $660,263, including $302,775 in business loans and grants. Its fund balance fell to $506,438. The fiscal 2026 year-to-date column shows spending of $1,073,433.
Morgan changed its electric and garbage fees in June; here is what the two funds' records show
Morgan's council adopted Ordinance 26-08 on June 23, 2026, adding a business and alleyway dumpster rate and changing the electric service charge. The notice gives no amounts. The audit shows a $134,247 sanitation operating loss in fiscal 2025, and the electric fund's fiscal 2026 year-to-date system capital outlay was $2,063,608.
Morgan's three bonds, its reserve accounts and a 2013 loan between utility funds
Morgan owed $5,849,000 in bond principal across three bonds at June 30, 2025. The audit reports the balances of accounts required by the sewer bond documents, including two at $0, and a Water Fund loan from the Electric Fund with $223,478 left.
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