Oak Hill city assets exceed liabilities

Oak Hill, FL Mayor Douglas Gibson / Headline SurferBy Douglas Gibson
Oak Hill Mayor's Message
Exclusive weekly blog for Headline Surfer
 

OAK HILL -- The city received good news from the CPA firm of Brent Millikan & Co. PA. The assets of the City of Oak Hill exceeded its liabilities at the close of the most recent fiscal year by $1,150,033.

Of this amount, $518,177 may be used to meet the city's on going obligations to citizens & creditors. 

Of the general fund balance of $556,404, approximately 93.6% is available for city spending.

While Oak Hill's revenues have declined for the fourth year, the city commission has kept control of expenses to reduce the need for increased property taxes.

As we all can relate to in our everyday lives, the cost of everything we use is going up.  The city commission will continue to keep the city on this trend by working with the funds available.

As we all can relate to in our everyday lives, the cost of everything we use is going up.  The city commission will continue to keep the city on this trend by working with the funds available.

The annual audit report is available for review at city hall,  234 US Highway 1 Oak Hill, FL 32759, during normal business hours.

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Short Bio

Douglas Gibson was elected mayor of Oak Hill, FL in November. He is a retired state trooper who resides here in Volusia County's southern-most coastal city with his wife, Dale. Mayor Gibson writes his blog exclusively for publication in Headline Surfer, accessed via HeadlineSurfer.com.