Green Park finishes ’11 with $3 million balance

Sales-tax revenue increases by nearly 10 percent in 2011

By Staff Report

The city of Green Park ended 2011 with a combined fund balance of more than $3 million, according to a recent audit.

Green Park began the year with a balance of $3,341,146 in its general and capital project funds and ended the year with $3,114,895 — a decrease of $226,251.

Of the combined balance, unreserved funds available for spending at city officials’ discretion totaled $2,674,895 — 86 percent of the city’s overall fund balance.

The audit by Hochschild, Bloom & Co. showed Green Park’s assets exceeded its liabilities for “the most recent fiscal year by $8,784,026” and “the city has unrestricted net assets of $3,114,895.”

Governmental activities for fiscal 2011 cost $1,011,424 — a nearly 7-percent decrease from fiscal 2010’s $1,085,357.

Additionally, the unassigned fund balance for the general fund was $2,740,633, or 286 percent of general fund expenditures.

The city’s total net assets reached $8,784,026 in fiscal 2011, an 18.3 percent increase from fiscal 2010’s $7,428,335.

“Sales tax collected increased in 2011 after being flat the previous year due to local and national economic conditions,” the audit stated.

Green Park’s sales-tax revenue increased nearly 10 percent, to $754,745 in fiscal 2011 compared to $686,559 in fiscal 2010.

Sales taxes total 28 percent of the city’s revenue, according to the audit. For fiscal 2011, sales tax for the general fund increased 6.6 percent compared to the previous year. Sales tax for the city’s capital project fund increased 13 percent in fiscal 2011 compared to fiscal 2010.

“No growth is estimated for general fund sales tax or capital-improvements sales tax in 2012,” the audit stated.

Additionally, Green Park operated with no property tax to its residents in fiscal 2011. Since its incorporation in 1995, the city has never levied a municipal property tax.

In fiscal 2011, Green Park also received a total of $1,116,329 in federal funds.

The city received $478,006 for the reconstruction of Green Park Road and $638,323 to replace the Greek Park Road bridge over Gravois Creek.