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.”
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.”