If we only used our overall net income, we would be $6.555.58 short in making payroll much less paying any contingencies, loans etc. We are broke in WS

It was decided upon with a three to two vote that we will be hiring a CPA to handle our BUDGET.  Frankly in my opinion, I am not certain what miracle could be worked out in this process, because once the Local Option Fuel Taxes are legally placed in a restricted fund, the only income really which we will receive is sewer and water revenues.
Let’s look at our income and expenses from a different perspective.   In the following I have not included any grant money nor speculative money which we may or may not receive from rentals and the like.   Note our total Payroll is $  401,130.58  whereas our General Fund receives revenues of only $ 205,177 which leaves us $195,953.58 Short in making all payroll….so we have to go to the Enterprise Account for Money.  Now Actually some salary will have to come out of the enterprise account but technically not as much as what has been taken out in the revised budget….because it should be based upon the hours expended on sewer and water which may be a part time if not possibly a two hour job a day. 

 

Since we are  $195,953.58 short in payroll, we would have to look at the Sewer and Water  NET Revenues (after expenses) of  $ 189,398  which leaves us $6.555.58 short of  meeting our payroll, much less having money for our obligations such as the percentage we owe on grants, loans, etc.  Technically we are broke and there is no CPA nor a Town Manager who could assist us.  If we did not include Grant or Loan income in the actual Budget, we would show this deficit.  We might as well declare bankruptcy because we are there now.

 

REVENUE:

$ 73,000   Advalorem Taxes

$ 20,002   Cell Tower Rental Fee

$  44,000   Electricity Franchise Fee

$ 10,000    Fire Department Contract

$    2,675    Police Department Income

$   55,500   Utility & Service Tax

========

$ 205,177    Total Revenues we receive yearly  $ 249,177

SALARIES AND BENEFITS

$   47,243       Pam Tomlinson

$   65,403       Stacy Tebo

$   36,185       Yvonne Bryant

$    37,040      Ray Vaughn

$    40,678      Ben Fry

$     40,516     Tracy Rodriquenz

$     40,641      Brandon Marsh

$    29,224.58 Michael Merritt

$     27,252      David Doyle

$        4,590      Fire Chief

$      22,950      Curtis Johnson

$         5,408      Code Enforcement Part-time

==========

$  401,130.58  Total Salaries and Benefits  

 

Net Revenues Enterprise Account

$   18,250              $105,000  – ( $ 86,750) Utility -Waste Pro

$  79,183               $ 136,600  Water Revenue – ($ 5,000 Insurance); –  ($7,000 Repairs & Maintenance) ; -($ 116 Office Supplies;) – ($7,000  Operating Supplies;) – ($4,183 Capital Outlay)-(Machinery and Equipment) – ($ 10,000 Utility Services Water Plant); -($5,001 Insurance )    –     ($ 15,000 Repairs and Maintenance;) – ($117 Office Supplies;)  – ($4,000 Operating Supplies.)

$        0.00              $45,000 County Funds A & B Bonds  – ( $45,000)  Debt Service

$    91,965          $  177,150  Sewer Income – (11,000 Utility Service) – ($ 20,000 Repairs and Maintenance)  – ($4,000 Operating Supplies) –   ($ 5001  Insurance) –  ($ 4,184 Capital Outlay, Machinery and Equipment) – ($ 11,000  Utility Services)- ($5,000 Insurance on Plant) -($15,000 Repairs & Maintenance Service) – ( $ 10,000 Operating Supplies)

===========

$   189,398  NET Revenue

 

Joe tried to tell you this in his own way with two budgets which he provided the council; but since they were not understood or not even looked at under which he sold assets, I am providing you with the real scoop.  you can’t make payroll.  Our Town manager hired more people and gave more raises and our income won’t cover it.

 

Karin for the blog

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