By: Laura-Jane Hatcher (WRGA News)
It’s a clean bill of health for Floyd County’s 2012 budget.
The finding comes after an annual audit by Chattanooga-based Mauldin & Jenkins. Accountants there dug through the past years’ numbers with fine-tooth comb and have pronounced the county in ‘good shape.’
For the first time in years, revenues exceed expenditures by a landslide----a fact that commissioner Gary Fricks attributes to some creative budgeting.
“I think we were very fiscally sound this year and did our best to maintain our budget. But, then also, we thought outside the box. We looked at refinancing some bonds at Floyd Hospital and we were able to save the funding on the re-insurance of those bonds, which gave us an influx of right around $900,000,” Fricks says. “Secondly, we did some in-house contracting on some roads and stuff that we reimbursed our general fund on, which is equivalent to about $1.2 million.”
The majority of county’s expenses lie unsurprisingly in public safety, which sits at about 41% out of their general funds. Expenditures in general government spending, public Works and judicial follow closely thereafter.
Floyd took in just around $48.7 Million in revenue last year, the majority of it coming from Real Property tax and Local Option Sales Tax, or LOST.
A more detailed report is expected out sometime in the next month.