The assets of the Village of Salado have exceeded its liabilities by $3.3 million for the 2015 fiscal year, according to the financial audit conducted by Don Allman, CPA.

Of those assets, $686,498 are unrestricted, which, according to the audit report, “may be used to meet the Village’s ongoing obligations to citizens and creditors.

The total net assets increased by $1.3 million during the year, Allman reported to aldermen at their May 5 regular meeting.

The Village has $11.96 million in total assets, including $9.35 million in current assets and $2.59 million in capital assets. Net assets for the Village increased more than $1.8 million in FY 2015 from  $722,098 in 2014.

Unrestricted assets, however, decreased considerably, The Village finished FY 2014 with $1.16 million in unrestricted assets. At the end of FY 2015, those unrestricted assets decreased by almost $500,000 to $686,498.

The audit compared FY2015 to the actual expenses and revenues for the fiscal year.

The Village budgeted a total of $963,860 in revenues, but actual revenues totaled $1.12 million for a difference of $158,531.

The Village budgeted $315,000 in ad valorem taxes, but actual ad valorem taxes were $338,596. Sales taxes were budgeted at $375,00, but actual sales tax revenues were $361,538. Franchise fees increase by $20,422 over the budgeted amount of $197,790. Mixed beverage taxes also increased to $14,579 from the $11,500 budgeted. Fines increase substantially from the $44,100 budget to $105,177 in revenue.

Total budgeted expenditures were $1.08 million and actual expenditures were $1.06 million.

General government expenditures were budgeted at $367,703 but actual expenditures were $177,073 higher at $544,776. Municipal court expenses were budgeted at $21,500 but actual expenditures were $41,696, a difference of $20,196. Public safety expenditures were budgeted at $362,571 but the department came in just under budget with $361,520 in expenses. The Village budgeted $317,101 for public works expenditures but actually spent only $76,131 on public works, a difference of $240,970.

This led to a surplus of revenues over expenditures of $195,955. The Village adopted a deficit budget of $111,915 for FY2015. If the Village had spent the total budgeted for public works, the actual budget deficit would be $45,015.

Aldermen approved the audit report.

Aldermen also approved a contract with Perdue Brandon Fielder Collins & Mott, LLP for collection of delinquent court fines and fees. The firm is recommended by Justice of the Peace and Municipal Judge Don Engleking. The firm will charge a 30 percent collection fee. Aldermen will adopt an ordinance on May 19 in support of the contract and fees. The contract will begin June 15. The Village will terminate its contract with MVBA for collection fo court fines and fees. The Village can terminate the contract with 30 days written notice.

The Board also appointed Jim Reed to the Planning and Zoning Commission. The P&Z is now composed of K.D. Hill, Larry Wolfe, Ron Coleman, Merle Stalcup and Reed.