Maplesville receives positive 2017 audit

Published 9:45 am Thursday, May 17, 2018

By JOYANNA LOVE/ Senior Staff Writer

Maplesville received a positive audit report for the 2017 fiscal year during the May meeting of the Town Council.

Janice Hull of Hull & Russell PC, which completed the audit, said the town is in a good financial situation with no debt.

“The Town’s budget and actual had an overall $50,772 positive variance,” Hull said. “There is a relatively new accounting pronouncement that changes the way that retirement benefits are measured.  The Town is on track to make adequate provision for upcoming retirement benefits. Employees will certainly be happy to see that.”

According to the audit, revenue and transfers into the town’s accounts were $96,640 more than had been initially projected. This increase in revenue helped to cover $45,868 in unanticipated costs and still have $50,772 left over.”

However, Hull said revenues had actually decreased in 2017 compared to the previous year.

“Even though the Town’s revenues were down from the prior year, leadership did a good job of managing expenditures in order to come in under budget,” Hull said.

Total revenue for the year was a little more that $1 million.

The total assets were $2.13 million. After paying liabilities, the total net position was $2.06 million.

According to the audit, the town also had to repay a business $42,353 that had overpaid in taxes in previous years.

Hull said she made no suggestions on changes to be made in the financial record keeping for the town.

“Dawn has been very good to correct any problems as I ask her to so that they do not become significant,” Hull said.

Property tax abatements information was also included in this year’s audit.

The Town Council has granted tax abatements to some industries in order to promote economic development.

“Property tax abatements cost the Town less than $10,000 as a reduction to the particular industries,” Hull said. “The Town also granted a significant sales tax abatement to an industry purchasing new capital equipment.”

According to the audit, an industry looking to invest $24.6 million into its Maplesville location was approved for sales and use tax abatements in the amount of $125,500 from Town.

A copy of the complete audit report is kept on file at the Town Hall.