The City of St. Joseph’s property exceeded its liabilities by $9.6 million for the fiscal 12 months ended June 30, 2020.
That’s in accordance with a monetary report ready by the accounting agency of J. Walker & Firm and launched Monday by the Louisiana Legislative Auditor.
The report famous that $181,309 was reported in unrestricted web place, which can be used to fulfill the federal government’s ongoing obligations to residents and collectors.
“The City’s complete web place decreased $232,560 or 2% primarily due to costs for providers income. Licenses and permits income have been barely greater this 12 months, whereas utility billings have been barely greater.
“As of the shut of the present fiscal 12 months, the City’s governmental funds reported a mixed ending fund balances of $363,322 a lower of $23,047 or 6% compared with the prior 12 months. Roughly 94% of this quantity or $343,167 was obtainable for spending on the City’s discretion (unassigned fund stability).
“On the finish of the present fiscal 12 months, assigned fund stability for the governmental funds was $20,155, or roughly 6% of complete common fund expenditures.”
Additionally reported within the audit:
“By far, the most important quantity of the City’s web place displays its funding in capital property of $9,460,003 (e.g., land, buildings, equipment, and tools), much less any associated debt used to amass these property that’s nonetheless excellent. The City makes use of these capital property to offer providers to residents; consequently, these property aren’t obtainable for future spending.
“Though the City’s funding in its capital property is reported web of associated debt, it ought to be famous that the sources wanted to repay this debt have to be offered from different sources, because the capital property themselves cannot be used to liquidate these liabilities. An extra portion of the City’s web place, $18,061, represents sources which might be topic to exterior restrictions on how they could be used. Remaining for unrestricted web place is a surplus stability of $181,309.”
The report says the city’s common fund on the finish of the present fiscal 12 months had a stability of $343,167, down by $23,047 from earlier 12 months.
Revenues for 2020 elevated from $393,134 in 2019 to $396,802, a rise of 1 p.c.
“This improve is the results of a slight improve in cost for providers, in accordance with the report. “Expenditures elevated $74,457 or 22%. Expenditures for common authorities had essentially the most vital improve.
In an announcement of revenues, expenditures and modifications in fund balances for governmental funds within the common fund, the report exhibits a deficit for the previous fiscal 12 months of $23,047.
Revenues totaled $396,802, together with $43,340, advert valorem; $104,438, gross sales and use; $113,887, costs for providers; $96,397, licenses, permits and fee for providers; $12,000, intergovernmental-state; $1,385, fines and forfeits; $16,908, use of cash and property; and $8,447, miscellaneous income.
Expenditures totaled $419,849, together with $171,119, common authorities; $100,626, public security; $145,105, public work; and $2,999, tradition and recreation.
The start fund stability was $366,214 and the ending fund stability was $343,167.
The report says the City of St. Joseph and City of Newellton collectively personal a gasoline pipeline that “transports pure gasoline to the Cities. The collectively owned line is operated independently of the Cities. The carrying worth of the funding is recorded on the fairness technique. The annual web earnings is added to the funding and money withdrawals, and web losses are deducted from the funding worth.”
The joint fund as of June 30, 2020 confirmed a web place deficit of $4,164. Property totaled $6,089 and liabilities amounted to $10,251.
Compensation for aldermen throughout the previous fiscal 12 months totaled $7,125, together with $1,500 every for aldermen Theodore Jackson, John Lewis, Jerry Newman and Carl Olds Jr.; $1,000 for Antionette Shields; and $125, for LaPeteria Watson.
Mayor Elvadus Fields Jr. obtained complete compensation, advantages and different funds totaling $19,562, together with $18,000, wage; $1,377, Social Safety and Medicare advantages; and $185, reimbursement for supplies and provides.