City gets clean audit for 2017
Published 6:18 pm Tuesday, September 25, 2018
Vicksburg finished the 2017 fiscal year in good financial shape, according to the city’s recently completed audit.
“The total assets of the city of Vicksburg is approximately $207 million; that’s the total assets the city owns,” said auditor Booker T. Camper. “The liabilities are $90 million, so the difference between $207 million and $90 million, you’ve got a net worth of about $118 million. That’s great.”
Mayor George Flaggs Jr. asked Camper to repeat those numbers, adding, “Every city doesn’t get that. Jackson, a couple of other cities have been downgraded in their (bond) ratings because they have not been able to maintain these, and we have 25 percent cash on hand at all times requirement.”
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Accounting director Doug Whittington said the city’s general fund had surplus of $767,013 for fiscal 2017. He said the city’s fund balance at the end of 2017 for the general fund was $16.474 million, which was 52.9 percent of the city’s fiscal 2017 revenue.
The report, Flaggs said, “Speaks volumes for being fiscally responsible for the city government. To be able in five years to have an audit report reflect that. We couldn’t have done it without the employees working within the budget, and one of the toughest things for our employees to get, but I believe they’re getting it, is we work on 97 percent of the budget from the previous budget.
“I think because the employees have adjusted to the attitude of this board, going forward, I really believe that if we can get the sports complex going like it should, the hardware store going like it should, the water park, and increase some retail in this city, I think you’re going to see a city like you’ve never seen before.”