(Nov. 3, 2016) Though the report isn’t expected to be discussed publicly until December, because the next council meeting would fall on Election Day and is delayed until next month, copies of the 2016 town budget audit by Salisbury firm Pigg, Krahl and Stern are available at Town Hall.
According to the report, the town’s combined net position as of the close of fiscal 2016 is about $21.8 million, with just about $19.66 million invested in capital assets or restricted for special revenue, leaving an unrestricted balance of close to $2.15 million that could be leveraged by the town.
This number is a decrease by $315,000 or one percent from last year, according to the report.
Net position is the term, adopted in 2011, that replaces net assets. The shorthand in describing net position is if 100 widgets were purchased for one dollar each, but are now trading for $9, the net position is worth $900, or the total current value minus the cost of the initial investment.
The town’s total revenues last year were almost $4.3 million, with 24 percent coming from property taxes, 37 percent from grants and contributions from federal, state and county government and 27 percent from water and sewer service fees. The remaining 12 percent is not itemized.
Expenses, according to the audit, totaled $4.61 million, with 31 percent related to public safety, 34 percent going towards water and sewer services, 12 percent related to general government and 16 percent going towards public works. The remaining seven percent is unaccounted for in the audit.
The report divides the town’s financial activities into two categories: governmental and business-type. The town’s net position for governmental activities decreased $17,000 more over a $28,000 loss last fiscal year.
“The cost of all governmental activities for the year was $3,041,000,” the report states. “The portion of those costs that was paid for by our taxpayers was $1,183,000, or 39 percent. The remaining cost was offset by fees paid by those directly benefiting from the programs ($81,000) and grants … [for] $1,753,000.”
The $24,000 shortfall in those amounts is not accounted for in the report.
In the business-type activities column, the town’s net position decreased $298,000 over a decrease of $307,000 last year.
The town maintains a fund balance of $776,000, which is down $80,000 from last year.
The audit also identifies significant variances in actual revenues/expenditures in the budget.
According to the report, property tax revenues were higher than expected, intergovernmental revenues were higher than expected, fire department reimbursements exceeded the budgeted amount, general government expenditures exceeded the budgeted amount, capital outlay expenditures exceeded the budgeted amount; and fire, police and rescue expenditures were less than projections.
The fiscal 2016 budget was amended to reflect other expenditures, paid for by previous years’ surplus, including Sturgis Park improvements, recycling trailer purchase, lawnmower purchase and police promotions cost the town an additional $38,503.
The town currently has an outstanding debt of $2.191 million in bonds and notes payable, according to the report.
Town meetings are held on the second Tuesday each month at the Train Station on Belt Street at 7 p.m.
According to the report, the town’s combined net position as of the close of fiscal 2016 is about $21.8 million, with just about $19.66 million invested in capital assets or restricted for special revenue, leaving an unrestricted balance of close to $2.15 million that could be leveraged by the town.
This number is a decrease by $315,000 or one percent from last year, according to the report.
Net position is the term, adopted in 2011, that replaces net assets. The shorthand in describing net position is if 100 widgets were purchased for one dollar each, but are now trading for $9, the net position is worth $900, or the total current value minus the cost of the initial investment.
The town’s total revenues last year were almost $4.3 million, with 24 percent coming from property taxes, 37 percent from grants and contributions from federal, state and county government and 27 percent from water and sewer service fees. The remaining 12 percent is not itemized.
Expenses, according to the audit, totaled $4.61 million, with 31 percent related to public safety, 34 percent going towards water and sewer services, 12 percent related to general government and 16 percent going towards public works. The remaining seven percent is unaccounted for in the audit.
The report divides the town’s financial activities into two categories: governmental and business-type. The town’s net position for governmental activities decreased $17,000 more over a $28,000 loss last fiscal year.
“The cost of all governmental activities for the year was $3,041,000,” the report states. “The portion of those costs that was paid for by our taxpayers was $1,183,000, or 39 percent. The remaining cost was offset by fees paid by those directly benefiting from the programs ($81,000) and grants … [for] $1,753,000.”
The $24,000 shortfall in those amounts is not accounted for in the report.
In the business-type activities column, the town’s net position decreased $298,000 over a decrease of $307,000 last year.
The town maintains a fund balance of $776,000, which is down $80,000 from last year.
The audit also identifies significant variances in actual revenues/expenditures in the budget.
According to the report, property tax revenues were higher than expected, intergovernmental revenues were higher than expected, fire department reimbursements exceeded the budgeted amount, general government expenditures exceeded the budgeted amount, capital outlay expenditures exceeded the budgeted amount; and fire, police and rescue expenditures were less than projections.
The fiscal 2016 budget was amended to reflect other expenditures, paid for by previous years’ surplus, including Sturgis Park improvements, recycling trailer purchase, lawnmower purchase and police promotions cost the town an additional $38,503.
The town currently has an outstanding debt of $2.191 million in bonds and notes payable, according to the report.
Town meetings are held on the second Tuesday each month at the Train Station on Belt Street at 7 p.m.