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  • Last modified 33 days ago (July 8, 2020)

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Florence highway fund an unused asset

Florence’s special highway fund is a financial boon that often goes unused and could greatly benefit the city, according to accountant Scot Loyd of Swindol, Janzen, Hawk and Loyd.

The city spent $40,000 out of its general fund for street work in 2019 but had more than $100,000 available in its special highway fund.

“Instead of spending that $40,000 over in the general fund, maybe we should have spent that over in the special highway,” he said. “That’s all we can spend it for, is streets.”

This year’s budget is set up so all street spending is paid out of the highway fund, councilman Matt Williams said.

Loyd, who reviewed the city’s 2019 audit with council members Monday, saw financial improvement from the previous year, with a more cohesive design regarding which funds money is spent from.

Last modified July 8, 2020

 

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