Cloverdale discusses annual fund report at year-end meeting

CLOVERDALE -- Clerk-Treasurer Cheryl Galloway delivered the annual fund report Thursday during a year-end meeting of the Cloverdale Town Council.

Having begun the year with a grand total balance of about $4 million, Clerk-Treasurer Galloway reported that the town will end the year with a grand total balance of about $4.6 million. Town revenues totaled $5.7 million, and spending about $5 million.

The general fund currently holds $350,987.78, rainy day fund $277,495.03 and the food and beverage tax fund (used to make utility repairs) $157,730.28. The council approved Resolution 2017-18, which authorizes the transfer of $100,000 from the general fund to the rainy day fund in the near future.

All funds for water, sewage and stormwater utilities are also well in the black.

Utility rate payers contributed a total of $525,158.32 toward three bonds used to install and repair the Cloverdale water and sewage systems. Payments on the bonds (dating from 2003, 2006 and 2007) are projected to 2023, 2026 and 2027, but Clerk-Treasurer Galloway said that increases in the food and beverage tax fund can be used for early pay-off, which would lead to lower rates.

Overall, “It’s tight, but we knew it would be,” Clerk-Treasurer Galloway commented.

But President Coweta Patton responded, “But look at all we got done in the last three or four years that hasn’t been done in town for many years.”

In other news:

-- Absences: Vice President Larry Fidler and Don Sublett were absent.

-- Claims: The council approved claims at a total of $184,544.53, a drop from last month of $325,396.26 and of $215,735.06 from the year’s average. The monthly claims averaged about $400,000 in 2017; the lowest monthly claims total was this month’s, and the highest was $729,126.53 in July.

-- Facade Improvement Project: The council approved Resolution 2017-19, which authorizes submitting the Main Street Revitalization Program (MSRP) application and committing to providing local match funds for the upcoming Facade Improvement Project.

Required local match funds total $119,200: $91,256 from the property owners; $15,428 from the town’s riverboat fund; and $12,516 from the Putnam County Community Foundation’s philanthropic capital fund. Construction is expected to start late 2018 or early 2019.

-- LED Streetlights: The council tabled consideration of installing LED lights in 135 existing streetlights from Duke Energy at a total cost of $77,399.58. Town Manager Wayne Galloway said the lights are expected to recover their cost in eight years.

-- Sewage Inspections: The council approved Ordinance 2017-17, which requires inspections of sewage works disconnections and connections upon ownership changes to amend ordinances 2014-17 and 2016-19.

It also regulates the purchase backflow preventers and liability, sets fees for inspections and fines for violations. View the ordinance at cloverdalein.com or visit the Cloverdale Town Hall at 154 S. Main St., Cloverdale.

-- Street Names: The council tabled consideration of changing “Market Street” to “Dave Kiley Way” pending necessary information.

-- Oversight Committe: The council approved Resolution 2017-20, which created the Cloverdale Oversight Committee to plan and manage events in the town. The committee will consist of: Main Street, Endeavor, Cloverdale Schools, Cloverween, the Cloverdale Town Council, the Cloverdale Park Board and interested citizens. Approval from the committee will be mandatory.

The Cloverdale Town Council’s next regular meeting is set for Jan. 9 at 7 p.m. in the Cloverdale Town Hall at 154 S. Main St., Cloverdale.