Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance topic
No spam. Unsubscribe anytime.
Mullins finance committee flags sharp March revenue drop and $1.07M negative operating cash flow
Summary
The Mullins Finance Committee reviewed March financials showing a steep month-to-month revenue decline to $282,501, a reported operating cash flow deficit of $1,072,179, and cash on hand of $552,418; auditors will present the FY26 audit to full council in late May.
The Mullins Finance Committee on April 20 reviewed March financial statements showing a marked decline in monthly revenue and a large negative operating cash flow. A monthly performance report prepared by GreeneFinneyCauley LLP lists March total revenue at $282,501 and operating cash flow at ($1,072,179); the report cautions that "these financials have not been subjected to an audit or review or compilation engagement, and no assurance is provided on them."
Committee Chair Luke Gasque convened the meeting at 10:00 a.m. in the Raymond Pridgen Auditorium. The report shows cash on hand of $552,418 (above the $500,000 internal target) but a cash ratio of 0.47:1, below the stated 0.50:1 target. The GreeneFinneyCauley KPI section also highlights the property-tax-collection account (014087-1) at $19,080 for the period, below its $93,250 target.
The report provides department-level detail: year-to-date revenue of $4,548,245 and year-to-date expenses of $4,937,252, producing a YTD operating loss of ($389,007). Accounts payable are listed at $748,495 and total assets at $1,249,380 with total equity of $77,750. The packet includes line-item comparisons to budget across Administration, Public Works, Police, Fire, Museum and Recreation, and an overtime ledger showing material overtime spending in Fire and Police.
Committee members discussed options to improve cash flow, including raising building and impact fees and adjusting fines, but the minutes record no adopted fee changes or dollar amounts. City Administrator Holly Jackson told the committee that department heads have been given materials to prepare FY27 budget requests and that budget workshops will begin after the May 12 council meeting. The minutes also record that auditors are finishing the FY26 audit and are expected to present to the full council in late May.
The committee recorded a motion by Council Member Terry Davis to move the Burn Building item up on the agenda (Mayor Miko Pickett seconded); the minutes show the motion was made and seconded but do not record a vote tally or the formal outcome on the record. The meeting adjourned following the agenda items (motion to adjourn made by Terry Davis and seconded by Mayor Pickett; no recorded tally in the minutes).
