Nokomis Board Gets Good Audit
“You're doing great!” said R. M. "Whitey" Patton of Hillsboro, summing up the Nokomis
city financial status following his annual audit.
Buoyed by a fiscal year ending fund balance of $858,424, Nokomis has made hard
choices, Patton said, during this and previous administrations. The city is in the enviable
position of having amassed enough to cover more than a single year's expenses.
Patton cautioned that there are situations that could cause future problems. These
include a likely decline in revenue from sales and income taxes, a possible decrease in the
assessed evaluation of property, and lower interest rates on savings accounts.
“You're also doing a great job of paying down the debt,” said Patton. He referred to the
extra $20,000 payment of principal that was repaid for water plant loans.
If this practice continues, he noted, the remaining debt of $610,000 will be paid off well
ahead of schedule.
During the course of the meeting, the council noted and/or approved the following:
Prior to the start of the meeting, the council met in special session at 6:45 p.m. to allow
for public comment on vacating Merle Street. No one made any comments for or against
the issue.
Following their closed session, the council passed an ordinance vacating the street
between Singer Avenue and Route 16, the site of the former roller skating rink.
Mayor Keith Hancock said he and all members of the council will begin the process of
reviewing applications for full- and part-time police officers.
“You're doing great!” said R. M. "Whitey" Patton of Hillsboro, summing up the Nokomis
city financial status following his annual audit.
Buoyed by a fiscal year ending fund balance of $858,424, Nokomis has made hard
choices, Patton said, during this and previous administrations. The city is in the enviable
position of having amassed enough to cover more than a single year's expenses.
Patton cautioned that there are situations that could cause future problems. These
include a likely decline in revenue from sales and income taxes, a possible decrease in the
assessed evaluation of property, and lower interest rates on savings accounts.
“You're also doing a great job of paying down the debt,” said Patton. He referred to the
extra $20,000 payment of principal that was repaid for water plant loans.
If this practice continues, he noted, the remaining debt of $610,000 will be paid off well
ahead of schedule.
During the course of the meeting, the council noted and/or approved the following:
- Revenues were received from personal property, $2,408; sales tax, $12,170; and
income tax, $44,633;
- Monthly bills were approved totaling $42,312;
- Installation of new, more efficient lighting in city offices has begun;
- The summer concert series to be held at Fred B. Johnson Park was approved for
Aug. 16, Aug. 30, and Sept. 13.
- A city-owned 1995 Wells cargo trailer will be sold by sealed bids to be opened at the
first meeting in August.
Prior to the start of the meeting, the council met in special session at 6:45 p.m. to allow
for public comment on vacating Merle Street. No one made any comments for or against
the issue.
Following their closed session, the council passed an ordinance vacating the street
between Singer Avenue and Route 16, the site of the former roller skating rink.
Mayor Keith Hancock said he and all members of the council will begin the process of
reviewing applications for full- and part-time police officers.