The Pickens County Board of Commissioners held a special meeting Tuesday, July 28, to host the presentation of the 2014 Audit.
Presented by Beth Grimes of Bates, Carter & Co., LLP, the presentation began immediately as the meeting was called to order. Grimes reported the county’s Revenues in excess of Expenditures to the point of $1.6 million with a 13% increase in revenues and a 3% decrease in expenditures compared to the previous year, 2013.
Grimes also reported that, thanks to the county’s individual departments all taking measures to cut costs, the overall expenditures were $244 thousand below the final budget.
The SPLOST collection amounted to $4 million in revenues with $1.8 million spent on county projects and $2 million spent in principal payments to pay off the Courthouse G.O. Bonds.
The county still holds $2 million in long-term debt including $1.8 million in Notes Payable for the Community Center and State Patrol Headquarters. Yet, Grimes congratulated the county on its work as she compared Pickens debt to counties of similar size to be far less than the $9.6 million average G.O. debt.
As she closed her report, Grimes also reported to the county a change in audits to come as the Unfunded Liability will start being accrued at entry-wide level. That is to say it will begin appearing on the balance sheet like other long-term debt. Unfunded liability as of December 31, 2014 was $2.9 million.
Citizen Gary Copeland called the county on the carpet last week for its overspending and questioned its ability to pay its bills. (more…)