• 55°

Spencer’s finances doing well, town manager receives raise

SPENCER — Spencer’s Board of Aldermen heard a positive report on the town’s finances during Tuesday’s meeting.

Accountant Eddie Carrick gave an overview of the town’s annual audit and said the town “had a good year” financially.

Total revenue for the town’s General Fund during the year was $2.613 million, $40,000 more than budgeted.

General Fund expenditures totaled $2.419 million, $191,000 less than budgeted.

Town Manager Larry Smith said some of the savings resulted from staff vacancies that the town is still trying to fill.

After being named town manager in 2005, Smith said he and staff worked to cut as much spending as they could in the first few years of his term. The benefits of that cost cutting are still prevalent today, he said.

Carrick said $194,000 was added to the town’s total fund balance, which stood at $2,360,237 as of June 30 — the end of the 2013-2014 fiscal year.

The available fund balance, $1.8 million, is about 75 percent of the town’s budgeted expenditures for the current fiscal year, Carrick said, well above the average for municipalities in the state.

Smith said having a strong fund balance gives the town better borrowing power.

The town has seen revenue from property taxes increase the last few years. During the 2013-’14 fiscal year, $1.35 million was brought in. The year before saw the town collect $1.29 million. The amount was $1.26 million for 2012, an improvement over 2011.

Smith said it’s a good sign, and that it means people are taking care of their properties.

“That shows that things are on the up swing,” he said.

The town also decreased its total debt by nearly $200,000 to $1.03 million during the year.

Carrick told the board to “stay conservative” when handling town finances.

“It’s tough out there for small towns, and it’s going to get tougher,” he said about the state and federal governments putting more burdens on municipalities.

Speaking about the town’s finances, Mayor Jody Everhart said, “You got to look to the future.”

After a closed session, the board, in a 4-2 vote, approved a 5 percent increase to Smith’s $72,461 annual salary. The raise will increase his pay by $3,623.

Aldermen Reid Walters and Jim Gobbel voted against the raise.

The board also voted unanimously to give the town’s full-time employees an end-of-year bonus. The 20 employees who’ve been with the town for at least a year will get  $1,000 while the eight who’ve worked for the town for less than a year will have their bonus prorated.

Contact reporter David Purtell at 704-797-4264.

Comments

Business

With remote expansion, outsource provider FCR looks to become an ‘exceptional part’ of Rowan community

Local

City expects $1.5 million surplus in current budget, ability to raise some wages for police, public works

Education

Enochville Elementary to host farewell event May 1

College

Seahawks QB Russell Wilson will speak at NC State graduation

High School

High school softball: Carson beats West in a wild one

High School

Wonders, Trojans facing off Monday on Cannon Ballers’ field

Local

City approves two apartment developments, more than 160 new units

Nation/World

Crowds react with joy, wariness to verdict in Floyd’s death

News

Bill seeks to end pistol purchase permits from NC sheriffs

Coronavirus

Rowan County sees 300th death attributed to COVID-19

News

Chauvin convicted on all counts in George Floyd’s death

Local

Top North Carolina House finance chair, Rowan representative stripped of position

Crime

One charged, another hospitalized in fight between cousins

Local

Bell Tower Green renamed to honor Stanbacks; Nancy Stanback receives key to city

Business

Commissioners green light additional houses at Cherry Treesort in China Grove

Education

A.L. Brown will hold in-person, outdoor graduation

Local

Granite Quarry awards FEMA contract for Granite Lake Park

Local

City to vote on apartment developments, final phases of Grants Creek Greenway project

High School

High school football: North receiver McArthur a rising star

Columnists

Carl Blankenship: Pollen and prejudice make their return

News

Harris pitches $2.3T spending plan on trip to North Carolina

Nation/World

Murder case against ex-cop in Floyd’s death goes to the jury

Crime

Sheriff’s office: Man takes deputies on chase with stolen moped

Coronavirus

Afternoon, evening COVID-19 vaccination clinic planned Thursday