The city of Henderson is in pretty good financial shape, according to a recent report presented by the auditor who completed the annual comprehensive study.
Bryon Scott delivered the positive news to City Council members during its November meeting, and he said the only bit of information that concerned him was uncollected taxes.
In the fiscal year ending June 2022, the city’s uncollected taxes were just more than 3 percent, according to minutes from the city council meeting. When that 3 percent threshold is passed, it triggers the state to require a letter stating the reason for going over the 3 percent mark.
Mayor Eddie Ellington thanked Finance Director Joey Fuqua and the finance department staff for all their hard work in helping with the audit process.
Council Member Mike Rainey moved the approval of the report, seconded by Council Member Ola Thorpe-Cooper. The vote to approve was unanimous.
Highlights of the report:
- The five-year trend for the total fund balance is about $12.3 million. Of that amount, in 2022, the unavailable fund balance was roughly $3.2 million in 2022, up from $2.4 million in 2018.
- The city’s General Fund available fund balance is about 55 percent of General Fund expenditures.
- Regional Water System fund has the largest cash balance followed by the General Fund. Regional Water also had largest fund balance.
- The city’s tax collection percentage rate is 97.57 percent. The city’s largest debt type is business debt. The remaining 16% of debt is governmental. Ad Valorem taxes is the City’s largest revenue, with the second-largest revenue being intergovernmental (distributions from the state). Tax from sales and services is third.
- Public Safety is the largest General Fund expenditure, followed by transportation. The third-largest expenditure is Recreation and Parks.
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