CUMMING, Ga. – The City Council approved the independent audit presented by Charles Cole of the audit firm Le Roy, Cole and Stephens during Tuesday’s work Session by a vote of 3-0 with two council members absent.
“At the end of the year, the net position of the City of Cumming IS $270,000, an increase of about $10 million in assets less liabilities from the prior year,” Cole said.
Revenue for the year was $14.6 million, approximately $600,000 above expenditures.
The special purpose local option sales tax (SPLOST) brought in about $3.6 million while SPLOST expenditures totaled $4.2 million. Capital project funds for the City Center was about $5.6 million.
Cole said, “The good news is that all departments of the City of Cumming met their budgets and nobody spent more than they were budgeted.”
The city’s water and sewer fund had $23 million in cash receipts with expenditures of $20 million.
Cole noted the city has done a good job the last couple of years, getting more cash on their investments than in previous years.
“I’m happy to say we were $1.7 million under budget,” Mayor Troy Brumbalow said.
Council then approved a contract with North Georgia Stonework in the amount of $40,260 for refurbishment of the intersection of Pine Lake Drive and Canton Hwy. The work includes a new stone monument with sign, retaining wall, light grading work, lighting and landscaping.
Council also approved a contract with the low bidder, Vertical Earth in the amount of $15,799,066 for the new City Center.
A water line replacement contract for Rebel Road in the amount of $394,474 was awarded to Mullins Utility and Contracting.
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