Things are looking up in Millbrook.
A recent audit of the city’s financial statements by Jackson Thornton’s Chris A. Neuenschwander showed the city is seeing an increase in sales tax revenue.
“It’s a good report with no findings,” Neuenschwander said. “It’s an unmodified opinion, the gold standard.”Â
The accountant said the construction of 17 Springs presented some challenges.
“We wrestled with the presentation,” Neuenschwander said. “It has been shown as an asset in progress.”
The project was showing expenses but reports couldn’t be balanced out as the project was not yet completed. Neuenschwander said in coming years the issue will work itself out.
“It is a little bit of a limbo but will push out by the end of 2025,” Neuenschwander said.
Debt increased by $41 million with the issuance of bonds to fund projects such as 17 Springs with yearly interest payments increasing $2 million to $3.6 million.
But the expenses are offset by increasing revenues. Neuenschwander said last year sales tax revenue increased $3.4 million to a total of $14.5 million. He noted the largest expense for the city was public safety at $6.7 million for the year. Next was incentives to aid in bringing businesses to town. Third was government operations at $3.7 million.
Neuenschwander said Millbrook leaders did great in meeting the 2024 budget. The city eclipsed budgeted revenues by $2.3 million and held expenses to $1 million under budget.
“You are making and beating budget,” Neuenschwander said.
One area of growth continues to be with Simplified Sellers Use Tax (SSUT) or internet sales tax. When it first started Millbrook got about $15 in the first quarter. This past year Millbrook received $1.6 million in SSUT.
“We never thought it would turn into this,” Mayor Al Kelley said. “It’s turned into a growing revenue stream. It has allowed us to do things we wouldn’t have been able to do otherwise.”
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