Woodland Mills boasts good financial numbers

Woodland Mills boasts good financial numbers

Posted: Tuesday, March 15, 2011 9:02 pm
By: Donna Ryder, Associate Editor

By DONNA RYDER
Associate Editor
The City of Woodland Mills is in good financial shape.
The mayor and board of aldermen learned the city’s fund balance grew by about $17,000 during the 2009-10 fiscal year.
Mayor Wade Carrington explained the city is saving its property tax money so it can fix the roads. He said when the property tax was approved, the board agreed to have a five-year period during which it would save the money so there would be enough to complete the road project.
Johnny McConnell with Thompson & McConnell PLLC CPAs reviewed the audit with the board Monday night and explained the costs associated with the audit.
Carrington and alderman Waymon Reagan both questioned McConnell about the expense of a special audit performed for the $500,000 Community Development Block Grant the city received to rehab the Mount Herman community. The firm charged $2,000 for auditing the grant and $6,000 for the city’s regular audit.
McConnell said the expense simply came with the time spent to verify transactions associated with the grant.
“We’ve got to comply with the comptroller’s office,” he said, adding if his office misses something, the city could be written up.
After the meeting was opened with the Pledge of Allegiance led by Carrington and in prayer by Reagan, the board:
• Heard from a resident that someone stole the yard lights from the front of his property. He has reported it to the Obion County Sheriff’s Department.
• Learned the city still has not heard from the state’s comptroller’s office on whether it can invest in a five-year CD. The five-year CD has a better interest rate, which would be better for the citizens of the city. The state legislature has restricted investments by cities to a maximum of four years, unless special permission is granted. The board agreed to take out a six-month CD while it waits to hear from the state.
• Heard $559 of the 2009 property taxes were paid, while $7,904 of the 2010 property taxes were collected. The city is still owed $13 from 2008, $180 from 2009 and $3,594 from 2010. Charter still owes the city $15.
• Approved the February financial reports including total assets of $7,121.93 in the refuse collection fund, $6,880.52 in the street aid fund, $551,711.40 in the sewer fund and $127,683.79 in the general fund.
• Agreed to seek another avenue for repairing the Woodland Mills Civic Auditorium. It appears someone struck the building with a vehicle and did not report the damage.
• Tabled approving the GSA (General Services Administration) guidelines for reimbursement of funds until David Angerer with Municipal Technical Advisory Service can send the city an ordinance.
• Learned Angerer has suggested the city approve new building codes.
• Agreed to send city recorder Thelma Green for finance training. It will cost $75. City Hall will be closed on April 5 so she may attend the class.
• Discussed adding an education line item to the budget.
• Set the next meeting for April 11 at 6 p.m.
Published in The Messenger 3.15.11

Leave a Comment