Mt. Gilead board members heard their annual audit report via a Zoom meeting February 2, learning the town revenues exceeded their expenses for the fiscal year ending June 30, 2020. The year ended with $48,402 remaining in the general fund, which was moved to the fund balance, giving the town a $1,591,036 fund balance.
Auditor Deneal Bennett, with J.B. Watson and Company, also pointed out during her presentation that the board had approved using $289,000 last year from fund balance, but did not need to. This year the board allocated $331,000 of fund balance to be used if needed.
For the full story, see the February 17 issue of the Montgomery Herald.