The Adairville city council got a good report on its annual audit of the city’s finances at Monday’s regular monthly meeting.
Auditor David Gilbert informed the council that the city still has about $1.4 million in assets.
“And that’s mostly cash,” Gilbert said. “This city is strong when you look at its liquidity. There are very few cities that are as financially strong as you are.”
The city spent some $12,580 more than it brought in during the last fiscal year, but that was nothing to be concerned about, Gilbert said.
“That’s pretty close to even when you consider you’re working with $350,000 in revenue,” he said. “That’s pretty much just breaking even.”
Mayor Jim Wilkerson said that wasn’t surprising.
“I think we knew that we were going to spend some of our reserves,” Wilkerson said.
With well over $1 million in reserves, Gilbert said Adairville is in much better shape than other cities.
“You all should be very proud,” Gilbert said. “You don’t have the worries that one of the last audits we do have. I am always concerned about where they are going to be. They just have no money left at the end of the year and they have to borrow money until the property taxes come in. You all and your predecessors have run this city in such a way that you don’t have that worry.”
Gilbert also gave the city a glowing report on the status of its financial record keeping.
“The city got the best kind of letter, as it has in the past - an unqualified opinion,” Gilbert said. “That means we haven’t had to qualify anything. One a grade of zero to 100, you all scored 100.”
The city also took care of some other financial housekeeping on Monday - holding first reading on the ordinance setting the upcoming year’s property and motor vehicle taxes.
The council then held a special-called meeting and public hearing on Tuesday to discuss the taxes.
City clerk Sharon Head said no one showed up for the hearing and the council went ahead and voted to adopt the new tax rates.
The council voted four a four percent increase in the property tax rate. That makes the new rate 41 cents per $100. Last year’s rate was 39.3 cents, per $100.
The city council did not raise the property tax rates at all last year.
The council did not take an increase on the motor vehicle tax rate, so it remains at 35 cents per $100.