The City of Dadeville is in good financial standing as announced during the Dadeville City Council meeting Tuesday.
Between the 2019 audit and newly approved budget, the city is in the best financial shape it’s been in in a long time.
“The overall net worth of the town is more than $3 million and prior years have been much less,” Dadeville auditor Ben Vance said. “The overall results for 2019 were really good between the position of the town and its net worth.”
Vance said the long-term debt of the city is around three-quarters of a million dollars at the end of 2019, which is good, especially in comparison to Mayor Wayne Smith and the current council’s first years in office.
“In 2017, the money you have free to operate the town was negative $135,000,” Vance said. “Today is positive $400,000. That’s a huge swing of about $525,000 in the right direction. That’s a lot for a town this size.”
The city purchased about $150,000 more in capital assets in 2019 than 2018 yet its net profit still increased as expenditures aside from capital assets remained about the same, Vance said.
“I’m happy to say the gas board made a profit and waterworks made a profit this year,” Vance said. “The overall health of the city is good. We’re moving in the right direction.”
Following financials, the council approved the new budget for the year, which is balanced for the fourth year in a row, Smith said.
“This council has been able to present a balanced budget every year the last four years due to this administration and all other factors,” Smith said. “We have been very fiscally responsible.”
All city employees were granted a $.25 per hour raise and a 5.5% increase in insurance as Tier 2 employees were moved to Tier 1 status.
“This is a stronger retirement and they can retire with less years,” Smith said. “It’s a good long-term benefit to help us retain and attract employment.”
Not to mention, the August sales tax revenue was the highest it’s ever been in the City of Dadeville, according to Smith.
“It’s been steadily increasing this year,” he said.
In other news, the Dadeville City Council:
- Approved minutes from its last meeting
- Applied again for Tree City USA certification and applied to receive additional grant money to purchase trees
- Proclaimed Sept. 25, 2020 as Disabled American Veterans Day in Dadeville to honor the 100th anniversary of the Disabled American Veterans organization
- Heard Nannie Bell’s coffee shop on courthouse square will open 7:30 a.m. Friday