Thursday, May 9, 2013
Summerville received a clean opinion in its 2012 audit, Town Council heard Wednesday.
The town ended the year with a $1.8 million surplus in its general fund.
The money was added to the fund balance, the town’s savings, which now stands at $15.3 million.
Although the 2012 budget as originally written showed a deficit, council amended it partway through the year to reflect revenues coming in higher than expected and a cut in expenditures.
The hospitality and local accommodations tax fund shrank considerably because council used $3 million to pay off the parking garage debt, Charlotte Allen of WebsterRogers said.
The sanitation fee fund was the only fund to end the year with a deficit, she said. It was short $118,000.
Council will probably begin discussing the 2014 budget at a workshop in August.