Carefree Truth

Issue #414, August 10, 2015

 

 

 

Councilman Glenn Miller requested that Item #4, Acceptance of the 2014/15 Fiscal Year End Financial Statement, be pulled from the Consent Agenda, and the numbers discussed to provide the public with this information.  Gary Neiss put the financial sheets up on the screen.

 

 

 

Mr. Neiss explained that the $23,955 in the line for grants was the annual reimbursement from Sanderson Lincoln for the improvements to the Pavilion.  Had the grant money for the repairs from storm water damage to the streets come before July 31st, the end of the fiscal year, that line would have shown an additional $100,000.  The work was completed in Fiscal Year (FY) 2014/15.  Funds have not been distributed to any of the local communities yet, but will be reimbursed in FY 2015/16.

 

 

 

The total revenues received in FY 2014/15 were $5,929,749, which Mr. Neiss described as excellent.  The total expenses were $5,069,674.  Carefree was in the black, putting $860,075 in the bank.  Over the past 10 years, millions of dollars have been spent on infrastructure improvements to the streets. Open space, a fire station and a fire truck, and the Town Hall administrative offices were also purchased and paid for during that period.  Even with those expenditures, Carefree is  $1,000,000 ahead, with no debt.  

 

 

 

The "Rainy Day Fund", which is held aside for emergencies, holds $2,500,000.  The "Capital Fund" contains $4,061,967, bringing the Reserve account to a total of $6,561,967.  The "Rainy Day" account was never touched during the deep recession.  Carefree has been conservative with the Town's finances.  Mr. Neiss said the time has come to reinvest in Carefree to reposition the town for the new economy, which is why the FY 2015/16 includes $1.5 million for economic development.     

 

 

 

Mayor Les Peterson pointed out that not all the money budgeted in FY 2014/15 for economic development was spent. Before any money was spent, the project was analyzed and judgements were made that it would contribute to future economic prosperity.  He agreed with Mr. Neiss that the financial statement was excellent.  He added that the Town has been talking to some banks lately, and was told Carefree is one of the most highly rated of all the cities and towns within the state, even higher than Scottsdale, which has an outstanding rating.  The Council unanimously voted to accept the year end financial report.

 

https://vimeo.com/user18676056/review/135637889/49222271e9 

 

 

Lyn Hitchon

 

 

 

Prepared by Carefree Truth

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