Town of Hollow Rock First Reading of FYE 2018 Budget Approved
BY ERNIE SMOTHERS
HOLLOW ROCK (May 30) — During a brief meeting of the Town of Hollow Rock, aldermen approved the first reading Ordinance 0-2017-01, an ordinance adopting the annual budget with unchanged tax rate of $1.49 per $100 of assessed property value for the Fiscal Year beginning July1, 2017 and ending June 30, 2018.
In similar action, the board approved the first reading of amended FYE 2016 budget.
A second reading of both budgets is slated for the town’s June 20 meeting.
Addressing board members, Town Recorder Pam Gallimore said she and Public Works Superintendent Kenny Chandler diligently work to manage costs while maintaining consistent quality services to the citizens of Hollow Rock.
She added, “Although Mayor Runions is absent tonight, I can assure you that we worked hard to bring a budget to the table that is streamlined to meet the needs of the town while adhering
to tight financial parameters. Everyone pulls together to make this work.”
Fiscal Year 2018 estimates of anticipated revenues of the municipality from all sources: Financial overview highlights by Vance CPA of Hollow Rock’s FYE budget ending June 30, 2016 showed assets for the town exceeded liabilities by $2.105 million in net position providing an increase of $42,000.
At the close of FYE 2016, Hollow Rock’s general fund reported an ending fund balance of $210,000, an increase of $34,000 in comparison with the prior year. Of the total balance, $208,000 is available for spending at the town’s discretion via unassigned fund balance.
The tax rate of $1.49 per $100 assessed property value, as approved by the board for the 2016 budget year, remains unchanged.
Prior to adjournment, the board approved on first and only reading a state-mandated public open records policy guide for town records custodians to comply with Tennessee Code Annotated 10-7-503.