The Town of Vidalia had total assets of $33.7 million through August 2019, approximately $1 million more than a year earlier.
Town Accountant Debra Moak provided a financial report during the regular meeting of the board of aldermen Tuesday night.
The town’s balance sheet showed cash of $7.1 million, investments of $3.8 million and receivables of $2.4 million.
Total revenues were $6.3 million for August 2019 with total expenditures amounting to $6.09 million.
In her summary of the town’s financials, Moak noted:
“In 2018, the sale of the industrial facility increased revenue by $4 million and the loan payoff increased expenses by $2.5 million. These are non-reoccurring events.
“In 2019, total revenues and expenses are not as high as the previous year. Expenses for the hydro rebates of $795k are included in the current financials which were not present in the previous year.
“Port construction is still at a halt but this phase is expected to be completed by January.
“Road construction is in the preliminary stages and engineering costs are the expenditures at this time. The FEMA process has begun for the town, but it is not known what projects they will approve for the 75-25% matching funds.
“The budget to actual overall comparison indicates we are on target at this point in time.
“The auditors have completed their fieldwork and should be on time filing their report with the Legislative Auditor.”
During other business, Mayor Buz Craft told aldermen that estimates on flood damage and project repair and upgrade costs are done.
He said much work is planned, including sewerage and road upgrades.
In other business, the board approved the replacement hire of Daphne Cooper as a fulltime dispatcher for the Vidalia Police Department.