Saluda ends 2016-2017 with healthy fund balance
Published 8:00 am Wednesday, February 28, 2018
SALUDA — The City of Saluda ended fiscal year 2016-2017 with a healthy fund balance of almost 44 percent, according to the annual audit report.
The Saluda City Council heard its audit report from Carter, PL, during its February meeting.
At the end of the fiscal year on June 30, 2017, Saluda had an unassigned fund balance for the general fund of $493,770, or 43.97 percent of its general fund expenditures for the year.
Combined fund balances, including restricted, were $859,859, which was a net increase of $48,840.
Saluda’s total debt increased last fiscal year by $14,843, mainly due to increases in the net pension liability.
The city collected a total of $1,171,936 in revenues last fiscal year, including $656,391 in ad valorem taxes, $1,203 in other taxes and licenses, $280,691 in unrestricted intergovernmental, $42,603 restricted intergovernmental, $4,654 in permits and fees, $117,0170 in sales and services, $6,474 in investment earnings and $62,850 miscellaneous.
The city had $1,123,096 in expenditures last fiscal year, including $374,629 general government, $368,588 for public safety, $196,203 for transportation, $2,860 for economic development, $94,474 for environmental protection, $37,999 for cultural and recreation, $24,437 in principal debt service, $15,575 for interest and other charges on debt service, and $8,331 in capital outlay.
The city was able to save $48,840 in excess revenues over expenditures last year.
Saluda collected 99.37 percent of its total taxes, including 99.33 percent of property taxes and 100 percent of registered motor vehicle taxes. Polk and Henderson counties collect Saluda’s property taxes, and the state of North Carolina now collects all registered motor vehicle taxes at the same time as registration.