By Luke Britt/Editor
For the third year in a row, the Town of Marion has received an unmodified, or clean, audit and during Tuesday’s monthly Town Council meeting the town’s auditor praised the council for maintaining “financial stability.”
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After presenting the 2022 audit at Tuesday’s meeting, Jeffrey Maxwell of Maxwell CPA, LLC told the Council that, “I think Marion is very strong. For a town this size, you are very financially stable. You are being good stewards of the town’s money.”
According to the audit, town expenses increased in 2022 by $32,348, while revenues increased by $33,143.
Highlights of the audit include:
- Town assets decreased by about 2 percent, largely due to depreciation.
- Town liabilities also decreased by about 2 percent, offsetting the impact of the depreciated assets.
- The town’s aging water and sewer system lost $43,575 in 2022, forcing the town to balance that department’s budget with transfers from the general fund.
- The town’s expenses came in under budget in every department except public works, largely due to the town’s deteriorating water and sewage systems.
- The Town has $272,952 of ARPA funds that have yet to be appropriated.
According to the audit, Marion continues to rely heavily on sales taxes to fund government operations. Tax revenue as a percentage of total revenue in 2022 were:
- Sales taxes 50%
- Property taxes 17%
- Franchise taxes 15%
- Licenses & permits 12%
- Miscellaneous 4%
- Interest Income 2%
“It’s no secret that our sewer system needs upgrading,” Mayor Danny Smith said. “Our system is 50 years old and is a nemesis to us now, because of the ongoing maintenance costs. Despite that, we’re going to continue to be responsible with our money, just as the people of Marion expect.”