Financial report to be presented at City Council meeting

Published 12:00 am Monday, January 16, 2017

By Amanda Raymond

SALISBURY – City Manager Lane Bailey will present the 2016 Comprehensive Annual Financial Report at Tuesday’s Salisbury City Council meeting.

The meeting will begin at 5 p.m. at 217 S. Main St.

Bailey presented the budget figures for the first quarter of the fiscal year to the council back in November. At that time, revenues for the general fund, which is budgeted at about $42.1 million, were at 34 percent. Expenditures were at 23 percent.

Revenues for the water and sewer fund, budgeted at about $23.1 million, were at 31 percent and expenditures were at 20 percent.

The transit fund fare revenue was budgeted at $80,140 and 30 percent had been received in the first quarter. Expenses were budgeted at about $1.7 million and 16 percent of it had been expended.

The storm water fund, budgeted at $1.4 million, brought in 25 percent in revenues and expended about 15 percent.

The city approved the refinancing of Fibrant’s debt for a lower interest rate and other benefits, and that led to two sets of figures presented for the Fibrant fund. A graph that included the refinancing of Fibrant’s debt showed revenues at about $31 million and expenses at $33.9 million for the first quarter. Without the refinancing, revenues were about $2 million and expenses were at $1.8 million.

The report discussed on Tuesday will include financial information for the whole fiscal year that ended on June 30, 2016.

In other business, the council will:

  • Recognize Salisbury Police officers Joe Wilson and Devin Barkalow with Lifesaving Awards.
  • Consider a special use permit to allow government services at 705 Ryan Street.
  • Hear a progress report from on the Environmental Protection Agency Brownfields Assessment Grant.
  • Make appointments to boards and commissions.
  • Hear public comment.

The mayor will proclaim Jan. 29 – Feb. 4, 2017 as Catholic Schools Week.

Contact reporter Amanda Raymond at 704-797-4222.