Fairhope, Alabama
 |
| Auditor's report. |
 |
| Treasurer Creech |
LATEST FINANCIAL DATA IN
Data from FY2024 presented by auditor Warren Averett -- and from mid-2025 by the city's Treasurer indicates the city's economy remains in good shape.
On September 30, 2024 auditors found the city's general government "net position" (assets/liabilities) had increase by 11.8% over 2023; revenue exceeded expenses by $15 million. For Utilities, their net position increased 10.9%; revenue exceeded expenses by $12 million.
Total liabilities were up 41% due largely to a $25 million loan for utility upgrades.
The city had 22,443 water customers, 6,687 electric, and 13,124 sewer service accounts. There were 1,347 fire calls, 30,029 police and 1,460 traffic ticket issued. 11,363 tons of garbage was collected and 500 potholes fixed according to data collected.
The sales tax was the #1 revenue source last year at $15.3 million; grants #2 at $10.3 million, and property taxes were $10.1 million.
FEDERAL GRANTS AUDIT
The accompanying Single Audit of federal funds received found one discrepancy with reporting requirements of some airport grants, which has been corrected.
CONTINUES INTO 2025
The same trends continued the first half of FY 2025 (ending March 30) as well according to city Treasurer Kim Creech. Local sales tax revenue showed a spike-up early in the year, perhaps anticipating tariffs. Lodging tax was up considerably as well, she added.
 |
| FY2025 to date. |
Comments