By David Meade
Williamston’s finances continue to be in good shape according to an auditor’s presentation made to Williamston Town Council Monday evening. Auditors Andrew Coleman and Ken Meadows of the auditing firm of Greene Finney and Horton said the town received an unmodified opinion which is the best it can receive.
Meadows said the General Fund balance had increased by $179,000, the Water Fund was in good financial shape and Sewer Fund had a positive unrestricted balance. The town’s fund balance increased from $2,014,000 in 2015 to $2,193,000 this year, according to Coleman. The town has a restricted fund balance of $143,000 for the cemetery fund and hospitality tax fund.
At $2.05 million the unassigned fund balance is at 77 percent of 2016 actual expenditures and 78 percent of 2017 budgeted expenditures. At 17 percent in reserve, the town is just over the minimum recommended by the GFOA Meadows said. He recommended more.
Meadows pointed out that the reserve fund balance provides a cushion and allows the town adequate cash flow when needed before tax revenues come in, to plan for capital expenditures and repairs, funds for emergencies, better interest rates on debt and to cover potential shortfalls from state budget cuts or changes in legislation.
According to Meadows, general fund revenues of $2,852,000 decreased by $17,000 from 2015. The decrease was a combination of less revenue from grants and more revenue from property taxes.
However revenues were $369,000 over budget primarily due to unbudgeted grant revenue of $193,000. Licenses and permits brought in $60,000 more than budgeted; Property taxes $50,000 more; Franchise fess $38,000 more and Hospitality taxes $28,000 more than was budgeted.
General Fund Expenditures amounted to $2,678,000.
Expenditures increased $45,000 over 2015. Recreation increased by $59,000 and Public Safety by $127,000. Public works and Capital outlay decreased by $50,000 and $84,000 respectively.
The town was overbudget by $192,000 primarily due to unbudgeted expenditures related to grants.
General government was $69,000 over budget, Public works $52,000 over and Capital outlay was $48,000 over.
Operating revenues for the Water and Sewer funds were both up with Water Fund showing a net position of $2,755,000, an increase of $34,000. Meadows said it is “A pretty good position to be in” for future infrastructure repairs and replacement.
The Sewer Fund showed an increase in net position of $166,000 to $6,636,000.Most of that, $6,087,000 is investment in capital assets. $362,000 is restricted for debt service leaving $187,000 in unrestricted which is “fairly small” Meadows said.
It was also noted the town is under a consent order resulting in $80,000 for inspection and repairs.
The town’s long term debt decreased by $81,000 from 2015.
At the start of the meeting, Council also recognized Palmetto High swimmer Tal Davis. Davis holds eleven South Carolina state swimming records and has received numerous other swimming related awards.
Davis recently won the 2016 AAA State Championship in the 200 meter individual medley swimming competition; the 2016 AAA State Championship in the 500 meter freestyle swimming competition; the 2015 AAA State Championship in the 200 meter freestyle swimming; the 2015 AAA State Championship in the 500 meter freestyle swimming; the 2014 AAA State Championship in the 200 meter freestyle swimming competition and the 2014 AAA State Championship in the 500 meter freestyle swimming
He qualified and competed in the 2016 U.S. Olympic Team Trials, and was a 2016 Speedo Junior Nationals multi-event finalist, and has received numerous other swimming related awards.
Council unanimously approved allowing the mayor to enter into a Master Service Agreement with Allied Consulting . The agreement provides a framework for future work orders or requests for engineering services.
The agreement is related to the radio read water meter replacement project the town is working on, according to Mayor Mack Durham.
Council approved a request by Cub Scout Troop 356 to be allowed to camp in the Veterans Park sometime in December or January. Barry Sammons made the request for the group.
Council approved having the town be the lead applicant on a Palmetto Pride Grant which will be used for a clean up project and Adopt a Rest Stop project planned for the town if approved.
Councilman Otis Scott asked if the town had an alcohol ordinance in effect for town property. It was decided the town’s ordinance review committee will look into it.
There will be a Veterans Day AFROTC march from Palmetto High School and program at 10 a.m. this Friday Nov. 11 at the Veterans Memorial in Williamston.
