City of Greenville receives clean audit
The City of Greenville received a clean audit by Branum & Company, P.C., for the fiscal year ending on Sept. 30, 2016.
The city brought in $13,351,649 in revenue versus expenditures of $12,729,982, meaning an excess of revenue totaling $621,667.
It is this figure that Greenville mayor Dexter McLendon the highlight of the 2016 financial report discussed during Monday evening’s city council meeting.
“We paid more than $1 million toward our debt service in one year, and we saved $621,667,” McLendon said.
“The truth of the matter is we had a good year, especially to have spent as much money as we did on paving roads during that year. We spent $600,000 or so on paving streets. We did that and still had a plus, so I was very pleased.”
The City of Greenville’s assets exceeded its liabilities at the close of the fiscal year by $9,268,218, a current-year increase of $1,149,194.
Long-term debt totaled $25,813,144 at the close of the fiscal year.
In the 2014 fiscal year, a $2 million line of credit was obtained to finance the construction of Mary Drive, which matured in February 2015 and was renewed until Dec. 18, 2015.
Permanent financing was not obtained until September 2016, at which time this debt was moved to long-term financing.
The Dark Walmart property short-term debt of $2,200,000 matured and permanent financing was obtained on September 28, 2016 at which time this debt was moved to long-term financing.
Sales and use tax, the city’s largest revenue source, increased $227,594 (3.45 percent) during the 2016 fiscal year, reflecting a slight improvement in the economy.
The opening of several new businesses in the downtown area and the Interstate area provided additional sales tax revenue during the fiscal year.
“We budgeted $6.7 million for sales and use tax, and we actually received $6.769 million,” McLendon said. “And I’m hoping that this next year we’ll reach the $7-million mark.”
McLendon added that one of the chief reasons for an improved financial statement this year is due to having fewer employees.
“It’s one of the best audits we’ve had in a while, to be quite honest, and I think the next two years will be even better,” he said.
“It’s heading in the right direction. We’re pulling more people off the interstate and we’re getting them to spend money. And a lot of that has to do with fixing that road out there, because the traffic was causing people not to come.”