Bruceton Mayor and Board of aldermen were advised in the Feb. 8 meeting by recorder Annie Hand that the town is in good finial condition.
She discussed the audit report during the meeting while giving facts and figures on the town’s financial condition.
“The 2021 property taxes collected through Feb. 8 are $191,080,” said Hand. Property owners have until Feb. 28 at 4 p.m. to pay them.”
She also mentioned that property taxes that were outstanding from years 2019-2020 amount to $182,732.
The town no longer has any long term debt as the fire station was paid off last year. The only thing outstanding is $2,000 is water bond certificate.
In government funds, revenues over expenses shows $206,889. There is $100,495 in operating income for the water and sewer department.
There was only one finding concerning the lack of separation of duties which is generally a finding in a small town where there is a small number of employees.
After aldermen approved the audit report presentation, the recorder discussed the Tenn. Association of Utility Districts (TAUD) report concerning the water rates.
The report showed that water rates within and outside the city limits were charged different rates. However, the outside rate should be the same as the inside rate. Inside the city limits the base rate is $14.35 per 1,000 gallon and outside the city limits the charge is $14.85 per 1,000 gallons. This is to be changed in the 2022-2223 budget with the outside rate lowered to the inside rate.
A resolution was passed to establish capitalization thresholds for assets over $10,000 which will be depreciated over the long term.
A five-year water and sewer capital assets plan was adopted.
The total investment plan is for $1,520,000 and includes a number of improvements. In 2022, the water plant will be waterproofed and painted and lift stations rehabed. In 2023, automatic reading water meters will be installed. in 2024 electrical controls will be replaced at the water plant and in 2025, water lines will be refurbished and in 2026 new water and sewer lines will be put in.
Prior to the regular meeting, a public hearing was held at 5 p.m. on Ordinance 22-01 to increase the spending limit to $5,000. No one spoke at the hearing. Later in the regular meeting the ordinance passed the second and final reading.