A city council workshop was held Jan. 28 to discuss 2018 financial reports with Finance Director Lonnie Clark. The fiscal year ending Dec. 31, 2018 revenue and expenditure report was discussed as well as the summary of long-term liabilities, the ten-year sales tax comparison, and the street fund revenue.
The overall bottom line for 2018 year-end reported the city with a total net gain of $ 877,696. Breaking that down a bit, the general fund reported a revenue total of $3,571,917 with expenditures of $3,230,264 for a net gain of $341,653.
The street fund gained $225,902, the water & sewer fund gained $520,356 and the safety fund (Police/Fire/EMS) gained $709. The capital fund lost $189,985, the debt service fund lost $18,924, the court automation fund lost $3,455, and the Firemen’s Pension lost $22,184.
Both the aldermen and Clark expressed satisfaction with the total expenses coming in under budget and the sales tax revenue coming in at $2,244,269, a 4.67 percent increase from 2017. In terms of debt, the city has $3,803,235 of long-term liabilities and during 2018 paid $737,153 toward that debt. It was noted that the total revenue balance of the street fund was $731,133; 54 percent of that revenue came from city sales tax and 12 percent came from property taxes.