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McBee council reviews audit letter and flags USDA loan, budget shortfall
Summary
Council members reviewed an auditor letter from Sheheen, Hancock & Goodwin and discussed a roughly $1.35 million USDA loan with nearly $100,000 annual payments; the general fund showed about $22,000 below budget, prompting plans for a budget workshop.
The Town of McBee’s council reviewed an audit letter May 4 from Sheheen, Hancock & Goodwin and discussed the town’s fiscal position, including an outstanding USDA loan and a small shortfall in the general account.
Terri King read the auditors’ letter to the council. Mayor John Campolong told members the town still owes about $1.35 million on the USDA loan and is paying nearly $100,000 a year, of which roughly $35,000 goes to principal and $65,000 to interest. Campolong said the town’s general account was about $22,000 below budget but added he felt the town was “doing good with this budget and in control of things.”
Council members agreed to schedule a budget workshop to examine the audit findings and to discuss the comprehensive plan update that needs 2020 Census data.
Why it matters: the USDA loan and the modest general fund shortfall affect the town’s flexibility in allocating resources for services, possible staffing changes and capital maintenance. The audit letter will inform the budget workshop and any follow-up action.
Next steps: council members will meet for a budget workshop to review the audit and related fiscal decisions; Campolong said the audit letter would remain available for members to review in detail before that meeting.
