PINSON — An accounting firm has given the city of Pinson its annual financial checkup, and pronounced the patient to be healthy and growing.
The results of the city’s annual audit were presented Thursday night during the city council’s regular meeting. Charlie Polmatier, representing the accounting firm of Borland Benefield from Birmingham, told council members that the city saw an increase in net revenues over the fiscal year ending June 30, and the current balance sheet was in very good shape.
Polmatier particularly singled out the city’s $1.263 million in its unrestricted net position, equivalent to about 12 months reserve — that is, Pinson could run for 12 months if not a single dime of revenue came in.
“That position is exceptionally strong,” Polmatier said. “Four to six months’ reserve is usually a very good measure.”
The net position — the municipal equivalent of a balance sheet for a for-profit business — showed assets of $4.18 million, including $1.42 million in cash or equivalents. By contrast, the city’s total liabilities came to just over $732,000, including long-term debts. That means that, theoretically, city leaders could pay off every penny the city owed for anything at the end of June, when the fiscal year ends, and still have more than $700,000 in cash left over.
The year-over-year increase in net position from fiscal year 2012 amounted to almost $450,000.
The council also discussed at length changes to plans for the city’s new park project. Jane Ross of the Goodwyn Mills Cawood architectural firm answered questions from council members and residents, and debated changes such as material used as ground cover in the playground areas and additional benches to be located along the walking trail.
Councilman Robbie Roberts asked Ross if her firm had explored using the Kaboom program, a nationwide non-profit organization that helps communities build new playgrounds or improve existing ones. In Pinson’s case, Kaboom would help the city organize an event where residents would help build the new playground — often in a big one-day event — which would save the cost of hiring labor.