The Town of Columbus’ finances continue to be strong with the town having a 57.48 percent fund balance available for spending at the close of fiscal year 2015-2016.

Columbus Town Council met Thursday, Dec. 15 and heard from assistant finance director Kathy Gregory and Terry Andersen, with Carland and Andersen Inc.

Gregory said the town increased its total fund balance for the year by $58,825 and increased its available fund balance by $26,200. The town’s debt increased by $91,299 for the year because the town purchased two Dodge Chargers and a pickup truck for the police department.

The town’s percentage of available fund balance dropped slightly from fiscal year ending 2014-2015. The prior year’s fund balance was 58.15 percent, but Gregory said that is not a concern because the N.C. Local Government Commission (LGC) requires local governments keep at least eight percent fund balance. Gregory also said the percentage goes down as expenditures increase. Fund balance, or a local government’s savings, is calculated as a percentage of savings compared to its general fund expenditures.

Columbus had a total fund balance of $984,464 with available fund balance of $667,078 at year-end 2016 compared to a total fund balance of $915,639 with $640,878 available for spending at year-end 2015, according to the audit report.

The town’s outstanding debt increased from $92,673 in 2015 to $183,972 in 2016, according to the report.

Columbus’ tax collections increased to over 99 percent in 2016. The state has begun collecting motor vehicle taxes at the same time as vehicle registration so Columbus’ vehicle tax collections were 100 percent in 2016 compared to 96.49 percent in 2015. Property tax collections also increased from 98.5 percent in 2015 to 99.11 percent in 2016. Columbus’ total tax collection rate for both real property and vehicles was 99.16 percent in 2016, compared to 98.4 percent in 2015.

Columbus’ water/sewer fund was also healthy at year-end 2016, according to the audit report.

The town’s water/sewer fund had operating revenues of $1,262,312 and expenses of $871,957 for an operating income of $390,355 for the year. The water/sewer fund debt also decreased from $4,911,075 in 2015 to $4,452,183 in 2016.

The Columbus ABC Store had income of $19,995 for fiscal year end 2016 compared to an income of $3,381 for fiscal year 2015.

Gregory told council the reason the income was so high last fiscal year at the ABC Store was because Columbus had the contract for Tryon International Equestrian Center’s liquor sales but the town does not have the contract this year so the income for the current fiscal year is not expected to be as high.

Columbus is about halfway through fiscal year 2016-2017. The town’s fiscal year ends June 30, 2017.