Last year, Mountain Brook saw decreases in both collected revenue and expenditures, as well as a nearly $4 million decrease in its fund balances offset by a $4.3 million increase in its total net assets.
In the Jan. 14 Mountain Brook City Council meeting, the city's audit for fiscal year 2012 was approved. Highlights include:
• Net assets increased 4 percent to approximately $111 million.
• Total revenues decreased $655,000 to approximately $35 million.
• Total expenses decreased $340,000 to approximately $31 million.
• Real estate ad valorem taxes were 43 percent of total General Fund revenues.
• Sales and use taxes saw an 8 percent increase in Fiscal Year 2012 and made up 28 percent of total General Fund revenues.
• Labor-related costs made up 57 percent of the City's total General Fund expenditures.
• Salaries and benefits decreased $231,000 in 2012 to $18.1 million.
The audit was prepared by Carr, Riggs and Ingram, a professional auditing company from Montgomery. It was deemed favorable by City Manager Sam Gaston, who cited an overall increase in Mountain Brook finances.
During the meeting, the city council also approved several roadway construction projects that will benefit the Safe Routes to School project.
