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Spring Valley City Council hears audit report

Mon, Apr 2nd, 2012
Posted in Spring Valley All

“Things are in good shape.” That was the statement made by Tom Wente of Smith Schafer & Associates after he walked the Council through the latest Financial Summary for the City of Spring Valley. Wente handed out a presentation that outlined the various budget information and then went over each category.

Property Taxes are based on the annual tax levy. Tax collections totaled $741,798 and the Market Value credit was $57,445.

The Tax Increment Revenues for 2011 was $158,441 and TIF revenues are used for debt service and developer payments. In 2010 the Tax Increment Revenues totaled $171,926.

The often-mentioned LGA Revenues represents 35 percent of the City’s governmental revenues in 2011. In 2011 and 2010 the revenues totaled $797,702.

The Governmental Fund Revenues remained at virtually the same level they were in 2010, nearly $800,000.

On the Expenditures side the numbers dropped from last year. In 2010, expenditures totaled $199,923 compared to 2011 of $190,325. These numbers reflect costs attributed to Mayor and Council, elections, administration and finance, legal, employee safety, planning and zoning and municipal building. The expenditures decreased by $9,598 from 2010 to 2011. Expenses were higher in 2006 due to maintenance and repairs of $57,866.

Public Safety Expenditures spent a total of $346,859 in 2011 on public safety compared to 2010 of $339,493. Police expenditures increased by $10,911 in 2011. Fire expenditures of $66,191 in 2011 were supported in part by: Township contributions of $7,622, State fire aid of $13,993 and charges for fire services of $12,130.

Public Works expenditures increased by over $23,000 due to higher repair costs.

Parks increased from $180,872 in 2010 to $192,670 in 2011 due to community center remodeling costs.

The library saw an increase of $22,031 in 2011 due to higher salaries and benefits costs.

Community and Economic Development Expenditures decreased in 2011 to $93,820 from $97,820 in 2010.

The unassigned General Fund Fund Balance was set at 118 percent in 2011 up to $1,239,722 from $1,109,633 in 2010.

The Library Fund balance was $144,061 as the result of the City levy of $109,568. The Library fund balance equals 88 percent of 2011 expenditures and the Library generated an excess of $1,774 in 2010.

The Park Fund balance operated at an excess of $371 in 2011 and currently has no reserve.

The Economic Development Fund was reduced by $7,535 in 2011.

On the Utility Fund side the electric service is supported by ratepayers and the rates did not increase in 2011 while purchased power cost increased. Operating Revenues and Operating expenses nearly cancel each other out at over $2,100.00.

Water Fund saw an increase in rates in 2008, 2009, and 2010 and no rate increase took place in 2011. Commercial usage up and lower expenses in 2011 due to employee turnover resulted in an increase in net income.

The Sewer Rental Fund is also supported by the taxpayers. There was a loss in 2011 which totaled $46,919 after depreciation expenses of $176,366. In 2004 depreciating capital assets were in 2004.

The Stormwater Utility Fund was established in 2005 and operating expenses include $26,892 of depreciation and totals over $75,000.

The Ambulance Fund was established as an Enterprise fund in 2010 and transferred $25,000 to the Capital Improvement Fund for emergency equipment in 2011. There is no debt in the ambulance fund.

In Summary;

•the General Fund unassigned fund balance equals 118 percent of annual general fund expenditures.

•The Capital Improvement fund balance of $774,958 is available for future capital needs and reserve fund was closed in 2011.

•LGA and market value credit provided $855,147 while property taxes provided $741,798 in 2010 revenues.

•all debt service funds are being adequately funded and all outstanding bonds are being paid on a timely basis.

•Revenues in the City’s five utilities are generally keeping pace with rising operating expenses, servicing all debt requirements and developing needed reserves for future capital projects.

In other business, the Council approved a price increase for Epi Pens for the ambulance. The price has increased from $110.00 to $125.00.

The City had advertised for bids on the demolition of the house at Center and Griswold. The low bid was from O’Connell Excavating and Plumbing for $10,300. The total cost includes a dumpster, tearing down the house below ground level, and filling the basement with clean dirt. The price also includes demo of the garage.

The boundaries of Spring Valley will not change following state mandated redistricting procedures. The polling place for the City of Spring Valley remains at the Community Center at 200 South Broadway.

Approval was given for the Sportsmen’s Club Raffle smelt fry for April, and a reminder from Councilman Todd Jones that the creek cleanup is scheduled for April 7.

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