Green Park ends ’07 with $3.3 million fund balance

A recent audit shows that the city of Green Park ended fiscal 2007 with a combined fund balance of $3,634,782, an increase of $258,969 from the end of 2006.

Of that balance, unreserved funds available for spending at city officials’ discretion totaled $3,147,844 — or 87 percent of Green Park’s total fund balance.

The 2007 audit by Hochschild, Bloom & Co. also showed that the city’s assets exceeded its liabilities by $5,577,740.

The city has unrestricted net assets of $3,098,527. The cost of governmental activities in 2007 totaled $889,496.

The audit also notes that “sales tax collected did not increase at rates similar to previous years due to local and national economic conditions.”

Nevertheless, Green Park’s sales-tax revenue increased 4 percent in 2007 as the city collected $772,677 in sales tax in 2007 compared to $743,603 in sales tax in 2006.

Additionally, Green Park operated on no property tax to its residents in 2007 and will continue to do so in 2008 as aldermen voted unanimously last week to again set the city’s property-tax rate at zero.

Since its incorporation in 1995, the city has never had a municipal property tax.