02/07/07 — Pikeville gets good financial report

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Pikeville gets good financial report

By Andrew Bell
Published in News on February 7, 2007 1:49 PM

The Town of Pikeville Board of Commissioners were commended for properly managing its fund balance and turning a profit in its electric, water and sewer funds during an audit presentation given Monday night.

Accountant John Anthony told the commissioners that their actions in the past fiscal year, which ended on June 30, 2006, will help the town handle its costs in the coming fiscal years.

"I think the town is in very good financial condition," Anthony said.

By the end of the fiscal year, the town's fund balance reserve had increased more than $45,000 to about $701,000.

Pikeville also improved economically by turning a profit in its electric, water and sewer funds, which is not common among towns that handle those utility issues, Anthony said.

The town also excelled in its property tax collection rate, which was mostly collections for real estate. While many towns are fortunate to end the fiscal year with a collection rate between 96 and 97 percent, Pikeville's rate was 99.1 percent, Anthony said.

Town officials will begin discussing the next fiscal year during a budget workshop on Feb. 20 at 5 p.m. at Town Hall.

In other business, Town Administrator Bob Buchanan told the commissioners that the town will need better weather conditions before the remainder of manholes are patched . Once those problems are fixed, he added the town will need "a good rain to test" the work completed.

Also, many sidewalks throughout Pikeville will be slated for repair once the weather warms up, he said.