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City in strong position after yearly audit report

Posted on Wednesday, January 10, 2018 at 9:57 am

Mayor Neal Minor and Alderman Jeremy Moss during City Council meeting, Jan. 4.

Gary Luck of Hannibal addressed the City Council in open forum during the Board of Aldermen meeting in regular session on January 4. Luck, an accountant for Luck Humphrey’s and Associates spoke to the members reporting the annual financial audit for 2016-17. Luck stated, “The City is in a strong position and has good operations,” adding, “Of the $30 million in assets the City owns $23 million of them, making the town in a very firm equity position.” Mayor Neal Minor replied, “We are not in the business of stock piling money, but to make money and use it for the benefit of the community.”

Next, Luck spoke about the utilities being owned by the City and not larger companies such as Ameren UE. The Environmental Protection Services (EPA) suggested a 15 percent increase in electric to cover the costs needed for the Electric Department two years ago. Mayor Minor commented, “The Electrical Department will need some major improvements in the next few years, the increase would help cover those needs. The city decided a few years ago to increase the electric cost by three percent each year for the next four years to allow our customers to ease into the increased cost.

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