Audit Report Delves Into Smaller City Funds

Daniel Prince

Main Street Junction turned a profit in previous fiscal year

At last week’s City Council meeting, Sheryl Medders with McKinley Cooper & Co. presented the city’s audit results. Medders said the local hospitality and accommodations tax account has revenues coming from local hotels and restaurants. She said revenues for the past fiscal year totaled $306,000 for the fund. Expenditures from the fund totaled just over $346,000. A little more than $153,000 from the fund was capital outlay used for The Depot project on Main Street and the resurfacing of the tennis courts at Foster Park. Around $143,000 was used for grants to the Olde English District, Historical Society, Fair Association, Library, Arts Council, Tourism, Coon Hunters, Main Street Junction, 4-H, and Piedmont Physic Garden. Another $50,000 was used for facilities upkeep, payroll, and special events.

Another smaller revenue fund she presented was the fund for Main Street Junction. Nearly $50,000 of its revenues came from rentals, and another $20,000 or so was from a grant from the Hospitality Tax fund. The expenses for the venue were utilities, maintenance, advertising, payroll, and upkeep. There was a $10,665 net profit for Main Street Junction this year, which is a better result than in previous years.

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