BY MELINDA J. OVERSTREET
GLASGOW NEWS 1
Roughly halfway through the fiscal year, the City of Glasgow’s balance sheet is generally in good shape, according to City Treasurer Stephanie Garrett.
The Glasgow Common Council Finance Committee received the update its meeting last week, with Garrett’s noting the figures are through the first week of December.
“We’re doing fine; we’re doing good. The Plaza [Theatre], as you look at that, that’s a timing issue there,” she said, adding it relates to the receipts from ticket sales at the municipally owned facility.
She also advised the group of four voting members to bear in mind that they haven’t yet paid for a fire truck that was expected to be delivered in the coming weeks, and some other large items had not come out yet.
Councilman Terry Bunnell, who was elected as chair of the committee at this meeting, asked about the cost of the fire truck, and Mayor Henry Royse, who was also present, said they managed to get the truck for less than list price, with Garrett following up with the figure of roughly $579,000.
Garrett also said the city’s workers compensation insurance was going to cost more than originally anticipated, once the insurance audit was completed, so another bill will be received for that.
“Are we going to be talking $25,000 or $50,000 or …?” Bunnell asked.
“No, we’re going to be talking closer to $100 [thousand],” Garrett responded.
In addition, the city’s other insurance costs, such as liability increased more than what was anticipated, so they’ll need to do a budget amendment to address these things.
Glasgow Councilman Freddie Norris, Mayor Henry Royse and Councilman Marlin Witcher listen to someone else speak during last week’s meeting of the Glasgow Common Council Finance Committee. MELINDA J. OVERSTREET / GLASGOW NEWS 1
Councilman Marlin Witcher asked about what percentage of property taxes had been received, and Garrett said that was roughly 80 percent, which is about normal for this time frame.
According to the summary sheet she provided, the revenues for the period of July 1 through the first week of December totaled $17,431,467.49, and the expenses were at 13,717,778.97, with the year-to-date difference of $3,713,688.52.
Other business during the meeting included:
–Madi Griffin was welcomed as the new finance officer for the city, still in her first month of employment.
–Councilwoman Chasity Lowery was elected as secretary for the committee.
–Bunnell asked about preliminary planning for the 2023-24 fiscal year budget, and Garrett said there isn’t much she can talk about at this point, but she said they will need to order a new fire truck because they have to be ordered about 18 to 24 months ahead of delivery.
–Bunnell encouraged the other committee members to talk with state legislators to advocate for giving cities more ways to diversify its revenue. For Glasgow, that could potentially include a restaurant tax, which it is currently ineligible to implement.
Councilmen Freddie Norris is the fourth committee member.
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