Gilbert’s assets exceeded its liabilities by approximately $1.7 million, according to an audit report released by the Louisiana Legislative Auditor’s office.
Net position of governmental activities decreased by $43,574 while net position of business-type activities increased by $592 for the fiscal year ending June 30, 2019, according to the audit.
Government activities include general government, public safety, public works, culture and recreation. Revenues associated with municipal operations are sales tax, property tax, franchise fees, sanitation fees, permits, fines and operating and capital grants.
Business-type activities deal with the water and sewer department.
Operating loss of the water and sewer department was $42,781, an increase of $8,218 from the previous year’s operating loss, according to the audit. The operating loss includes depreciation expense.
Gilbert’s net position is comprised of $805,247 from government activities and $967,349 from business-type activities, according to the audit.
Eighty-five percent of Gilbert’s net position reflects its investments in capital assets which includes land, buildings and equipment.
Gilbert collected $114,803 in water sales, and $60,615 in sewer fees, according to the audit.
Additionally, Gilbert showed $522,968 in revenues and $566,936 in expenses during the 2019 fiscal year, according to the audit.
Of the listed revenues, fines, forfeitures and court costs was the largest category with $216,278, according to the audit. Gilbert also amassed $178,468 in charges for services.
For the year, Gilbert collected $48,236 in sales tax, $22,689 in other tax, $13,725 in ad valorem tax and $9,366 in franchise tax, according to the audit.
Gilbert’s utility department recorded $239,059 in expenses for the 2019 fiscal year followed by the police department at $133,415 according to the audit.
General government spent $87,358 while highways and streets showed $60,859 in expenses, according to the audit.
Mike Stephens is the mayor of Gilbert. The municipality has three aldermen: Randall Lloyd, Christine Ezell and Susan Britt.
Kenneth D. Folden & Co. of Jonesboro performed the audit and gave Gilbert an unmodified opinion. The audit had no findings.