Council presents financial statement

Published 10:10 pm Tuesday, March 2, 2010

Brundidge City Manager Britt Thomas presented an Audited Financial Statement to the city council Tuesday, in compliance with the Government Accounting Standards Board (GASB).

“We are an $18,950,000 municipal corporation,” Thomas said in the report given almost halfway through FY 2010.

“We had a $10,088,428 budget.”

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Thomas said that in addition to meeting standards set by the GASB, the City of Brundidge managed to keep within projected spending boundaries.

“We didn’t go over our budget expenditures,” he said.

Thomas also briefed the council on some expected budget changes the city can look forward to.

“We’ll free up $169,200,” he said.

Thomas explained that those were funds that the city had been budgeting to pay debt, and the city will have satisfied those obligations by the end of the fiscal year.

“This allows the council to have some latitude,” Thomas said after the meeting.

“They can put it in the bank or put it in the dirt.”

Putting the money in the dirt would mean reinvesting it in the city through improvements as opposed to drawing interest out of a savings account.

Thomas said that he thought that would be the wisest way to allocate those funds.

“I personally think that it’s the role of the government to provide services,” he said.

Thomas also informed the council that progress on construction of the library has been impeded by weather and that most of the limbs that fell from the recent snowstorm had been cleared.