The City of Princeton got a clean opinion from an auditor with that report presented to Princeton City Council at its Tuesday meeting.
Certified Public Accountant Jessica Daniel of Eddyville told the city council its assets exceeded the city’s expenses to the tune of $1.1 million last fiscal year compared to a $256,000 carryover from the previous year.
Tax revenue during the last fiscal year totaled $3.4 million, which was an increase of $557,000 from the prior year and made up 57% of the city’s revenue.
Grants awarded to the city comprised 20.7% of the city’s revenue, while licenses and permits accounted for 14%.
The audit also showed the city received $938,000 in grant funds through federal and state means related to FEMA disaster recovery from the 2021 tornado.
Land and construction projects initiated by the city totaled $814,000, which included $545,000 for renovation work to the Princeton Police Department with $400,000 funded through a loan from Planters Bank.
The audit also showed the city received $1.6 million in Coronavirus state and local fiscal recovery funds.
The audit did say governmental expenses increased $1.3 million to a total of $5.6 million last fiscal year.
General fund expenses increased $80,000, while public safety expenses increased $268,000, mainly due to police and fire wage and benefit increases.
Public works expenses increased by $215,000, mainly due to municipal road aid expenses and paving.
The audit said health and welfare expenses increased by $890,000, which included expenses for tornado and ice cleanup and repairs.
However, the audit went on to say that general fund revenues exceeded budgeted revenues by $700,000, municipal road Aid fund revenues exceeded budgeted revenues by $8,800, and some grant funding received in the past 12 months will show up in next year’s audit.
The clean opinion means the financial statements are a fair representation of the city’s financial position when the fiscal year ended on June 30.
In other business, Princeton City Council unanimously approved an ordinance awarding a nonexclusive franchise to Atmos Energy for a ten-year term for the construction, operation, and maintenance of the natural gas distribution system in Princeton.
Atmos, in turn, will pay the city the annual sum of one percent of the gross revenues received from customers through the franchise agreement.
Certified Public Accountant Jessica Daniel of Eddyville told the city council its assets exceeded the city’s expenses to the tune of $1.1 million last fiscal year compared to a $256,000 carryover from the previous year.
Tax revenue during the last fiscal year totaled $3.4 million, which was an increase of $557,000 from the prior year and made up 57% of the city’s revenue.
Grants awarded to the city comprised 20.7% of the city’s revenue, while licenses and permits accounted for 14%.
The audit also showed the city received $938,000 in grant funds through federal and state means related to FEMA disaster recovery from the 2021 tornado.
Land and construction projects initiated by the city totaled $814,000, which included $545,000 for renovation work to the Princeton Police Department with $400,000 funded through a loan from Planters Bank.
The audit also showed the city received $1.6 million in Coronavirus state and local fiscal recovery funds.
The audit did say governmental expenses increased $1.3 million to a total of $5.6 million last fiscal year.
General fund expenses increased $80,000, while public safety expenses increased $268,000, mainly due to police and fire wage and benefit increases.
Public works expenses increased by $215,000, mainly due to municipal road aid expenses and paving.
The audit said health and welfare expenses increased by $890,000, which included expenses for tornado and ice cleanup and repairs.
However, the audit went on to say that general fund revenues exceeded budgeted revenues by $700,000, municipal road Aid fund revenues exceeded budgeted revenues by $8,800, and some grant funding received in the past 12 months will show up in next year’s audit.
The clean opinion means the financial statements are a fair representation of the city’s financial position when the fiscal year ended on June 30.
In other business, Princeton City Council unanimously approved an ordinance awarding a nonexclusive franchise to Atmos Energy for a ten-year term for the construction, operation, and maintenance of the natural gas distribution system in Princeton.
Atmos, in turn, will pay the city the annual sum of one percent of the gross revenues received from customers through the franchise agreement.
