Long-Awaited Audit Released
January 24, 2019
Southern Torch (3661 articles)
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Long-Awaited Audit Released

By Marla Jones, Managing Editor • marla@southerntorch.com

RAINSVILLE, Ala. — The long-awaited outside audit for fiscal year 2017 for the City of Rainsville has recently been released.

The fiscal year ended on September 30, 2017. Gant & Croft Associates reported that revenue had increased (fiscal year 2016 compared to fiscal year 2017) by 15% ($944,465) from $6,087,297 to $7,031,762. The report stated, “Most of the increase is due to an increase in capital grants, contributions, and charge for services.” Capital grants of $406,015 for the than project of the sewer fund contributed to the increase in capital grants and contributions.

Tax revenue and government services revenue increased from $4,750,462 to $4,956,688 ($22,134) while proprietary service fees increased (sewer, sanitation) from $1,336,835 to $2,075, 074.

Some expenses for the City of Rainsville increased in public safety from $1,720,607 to $1,868,659. Also, public works saw an increase from $439,016 to $539,618.

The City’s overall debt, which pertains to City operations and the Northeast Alabama Agri-Business Center, increased from $12,333,384 to $12,383,429. The City showed a net surplus of $12,616.

The Agri-Business Center reported revenue of $222,101. The overall expenses were $553,820, giving the Center a loss of $331,719.

This financial report can be viewed at Rainsville City Hall or during our office hours at Southern Torch.

Southern Torch

Southern Torch

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