The City of Ardmore is doing great financially according to recent numbers released by City Clerk Ken Campbell. Campbell gave an update to the mayor and board of commissioners about the city’s finances during the city’s annual winter meeting Thursday, recapping the first half of the fiscal year which ended on Dec. 31.
“Even though we have everything through January, I thought Dec. 31 would be a good date because it’s halfway through the year,” Campbell said. “As of Dec 31, we are doing very well.”
Campbell said that the city’s revenue receipts are at 54.23 percent while the expenditures were only at 41.76 percent. Since Dec. 31 is midway point for the year, revenues are currently 4.23 percent higher than budgeted while expenditures are 8.24 percent lower than expected.
Through Dec. 31 revenues have increased by $1,789,000, but expenditures have also increased by just over $4 million when compared to last year. Campbell explained that the rise in expenditures comes from major projects such as Market Street.
“That looks like a huge increase, but if you look at the overall revenue that we have collected for six months its at $30,354,000,” Campbell said. “Expenditures are only at $25 million. So our revenues are exceeding our expenditures by over $5 million which is really good.”
A portion of the revenues have come through sales tax. Campbell said tax revenues have increased by 8.78 percent over the previous year.
“That is huge,” Campbell said. “Every month this year has exceeded the same month from the previous year.”
Campbell also updated commissioners on the results of the audit of fiscal year 18-19. While the full audit results will be presented at the next regularly scheduled meeting on Feb. 4, he gave a few highlights from the “performance audit.” This is a shortened version of the audit that features key elements.
“These reports are scored on a scale of 0 to 10,” Campbell said. “We have scored an 8.1 for overall financial health. We’ve increased over last year’s 7.4 and this is the highest score we’ve ever had.”