By BRIAN HAMILTON, Editor
The Gordo town council was presented with the results of the 2018 audit on Monday, March 4th by Ryan Alexander from LeCroy and Hunter. Alexander said the town’s revenues were up, due to grant income. There was a $95,000 increase in revenues, so he said if the grants were removed, the town’s expenses would go down.
The town has also paid down $52,000 of debt and Alexander said they were approximately three years away from being debt free. He said the town owns 67-percent of its assets and only 50-percent is recommended. The town’s tax growth is at 7-percent, while the recommended tax growth is only 1-percent.
“Some of the risks we can perceive to the town, just to be aware of, is any type of decrease in sales tax revenues,” Alexander said. “We’re dependent on sales tax revenues and other tax revenues to run the city. We may have to watch that to make sure that we are having an adequate number of people in town spending money here. That way we get the sales revenues.”
Alexander also mentioned the town had a good cash reserve and it’s financial position is very good.
“Overall, net assets did increase by $230,000 and that happens when you have the capital expenditures because those get capitalized and not expensed. That’s why that would go up,” Alexander said.
See complete story in the Pickens County Herald.