SULPHUR — There were no findings, exceptions or deficiencies in compliance reported in an audit of the City of Sulphur, for the fiscal year ending June 30, 2019.
CPA Steven DeRouen presented an audit report to the Sulphur City Council at their monthly meeting Monday.
DeRouen gave an overview of the finances, reporting that the city closed out the 2019 fiscal year with $149 million in assets — $54 million in checking accounts and investments, an increase of about $2 million over last year, and $89 million in capital assets, an increase of around $5 million due to road, water and sewer improvements.
The city ended the fiscal year with $91 million in liabilities, an increase over the prior year of $10 million. DeRouen attributed the increase to a change in standards requiring that public entities include the full liability for retired employee's health benefits.
After user fees and operating grants, the cost to run Sulphur was $26.3 million. Operating costs were covered by sales tax revenues totaling $19.5 million, along with franchise taxes, property taxes and revenue from the state and parish and interest on investments, which this year totaled $1.1 million. The city had a total of $28 million in revenue, an increase of about $2 million over the prior year. This left a surplus of about $1.6 million.
In other news, council gave public notice that at their Jan. 14, 2020, meeting they will consider calling an election in May for the renewal of a sales tax.
The 1/2 cent sales tax is dedicated for streets, sewerage disposal, waste and waste water systems. The election will be May 9, 2020.
The Tuesday, Jan. 14, meeting will begin at 5:30 p.m. in Council Chambers at 500 N. Huntington St. in Sulphur.