The Stanly News and Press (Albemarle, NC)

January 10, 2013

Accountant calls town budget ‘very steady’

By Brian Graves, Staff Writer

Thursday, January 10, 2013 — High tax collection rates and budget levels have kept New London’s financial situation “very steady.”

That was the news presented to the New London Town Council Tuesday as it heard details on the town’s annual audit.

Accountant Julie Clay gave the report, saying there were no problems in preparing the audit and “everything went just fine.”

She complimented the town’s staff on being helpful in getting all the necessary data together.

Clay said tax revenues stayed pretty much the same as last year.

“The major increase for the unrestricted intergovernmental came from franchise taxes because there was more from the state this year as compared to last year,” Clay said.

She said there were decreases in donations to the museum and investment earnings were down.

“It’s only a less than one percent increase in revenues,” Clay said.

She added that expenses also stayed almost the same as last year.

“There is very little change from year to year and that’s good,” Clay said.

“That’s good especially with the economy the way it is,” Mayor Calvin Gaddy said.

Clay said the town’s fund balance increased by 8.3 percent and the tax collection rate was 98 percent — a level she described as “very high.”

Commissioner Johnny Chestnut addressed the council about the availability of trash receptacles.

He noted a call he had gotten from a citizen who was not able to get to the town hall to pick up a new one.

“If somebody is like that and can’t come and get one, call me,” Chestnut said.

Commissioner Dan Phillips echoed Chestnut’s remarks, saying he would be glad to help those who did not have a way to get one.

Gaddy also noted the recycling pickup schedule has returned to normal after the holidays.

The schedule for New London, Richfield and Misenheimer is the same and will resume normal pickup on Jan. 17 and will continue on every other Thursday.