PONCE DE LEON – The annual audit report was delivered to Ponce de Leon’s Town Council by Hilton Galloway of Carr, Riggs and Ingram Accounting Firm on August 3 during their regular session meeting.
Galloway stated the town’s overall financial condition weakened from the 2015 fiscal year but with an increase in revenues and a reduction in expenditures the town could turn things around.
The audit showed the town ending the 2016 fiscal year at a deficit in each water and sewer funds, and the general fund.
Galloway advised the deficits are due to the town’s limited revenue generating opportunities. Without grants from other funding sources, the financial condition of the town could weaken significantly in a short period of time.
The council has made strides in the past year to decrease expenditures and increase revenue streams. A resolution to increase the annual cost of business licenses was approved to be raised from $35 to $50 in an effort to generate more income. Water rates have been raised to aid in the effort as well.
A grant for upgrading the sewer system has been applied for and the council is awaiting word of award. Should the grant be awarded the upgraded sewer system would allow for a more accurate accounting of funds the town is losing out on.
Two council seats and the Mayor’s seat are up for reelection in October. Qualifying dates are set for September 11-14 and the election will be held October 15. The two council seats up for election belong to Herman Knowles and Larry Coaker. Ron Farrington’s Mayoral seat is also up for vote.
Ponce de Leon Town Council will meet again in regular session at 6 p.m. on September 7.