Government Spending Gone Wild!!

"The freedom of speech of private individuals includes the right to not agree, not to listen, and not to finance one's own antagonists." ~ Ayn Rand

Attorney Fees at $53,000 for Oct '22 -  May '23!!!  Town Gets Sidewalk Credit???!!! 

Update 8/22/23:  Attorney Bradley Hicks, of Stone Crosby, PC has advised the Town of Magnolia Springs not produce any records.   This limits transparency and the back data to these figures.   Details here come from the most recent financials.  These should be published on the Town website, but with the usual lack of transparency the most recent one available is May, 2023.  Some highlights are below. 

From the May 2023 Profit and Loss Statement:

  May 2023 May 2022 Oct 2022-May 2023

General Fund income:   $58,567.46 $65,706.95 1,006,309.11

Attorney Fees $ 4391.54 $           45.00 53,706.56

Total Expenses $ 22,030.69 $ 32,890.07 440,840.28

Net Income $ 39,163.73 $ 35,313.27 591,582.89

Actual vs Budget:   Losses

Expense Budget       Loss

Employee Insurance:    $ 1174.00 $0.00 $ 1174.00

Consultant Fees     5100.00   0.00 $ 5000.00

CPA Audit       00.00 8000 $ 8000.00

Prof/Attorney Fees     4391,54 $2500 $  1891,54

Sidewalks (13,772.14) $2000 $ 15,772,14     ****Sidewalk Credit*****???????

For unknown reasons there is a sidewalk credit of almost $14,000 on the books.  Mistaken entry?   Gift of sidewalks to the Town?  The CPA audit either has not been completed or not paid as of this budget, with an $8000  credit showing for the month.

Balance Sheet

Other Receivables:                    $ 487,590.84

Fixed Assets:

Roads 1,531,139

Bridge 406,122

Land 516,426

Leasehold Improvement   48,461

Vehicles   38,504

Depreciation       (619,966)

What exactly are "other" receivables worth a half a million?  Who knew....roads are an asset (kinda like a house, they keep on taking).  Who really owns that bridge, which is a county highway?

Net Pension Liability               (13,889.00) ***CREDIT***