Did you know that the City of Foley was named for its founder, Chicago businessman John B. Foley, who in 1901 purchased between 40,000 and 50,000 acres of land in the area and sold it through the Magnolia Land Company. He persuaded the Louisville and Nashville Railroad to run a spur to the area by promising to pay for the crossties needed for the line. By 1905, the town was large enough to warrant a post office, and the town was incorporated in 1915. Foley was primarily a farming community served by the L & N Railroad via a depot and warehouse for farm products, notably potatoes.

That is the opening to the city’s Popular Annual Financial Report has been updated for the fiscal year that ended in September. Miranda Bell, Foley accounting supervisor, said the city’s PARF report breaks down complicated financial reports to allow residents to understand where city revenue comes from and how the money is spent.

It takes our big audit report and makes it easier to understand, easier to follow, much quicker to read,” she told City Council members. The report is available online HERE.

Mayor Ralph Hellmich said the report is a good source of information for residents.

“Sometimes, from time to time, during the year, we get someone in the public asking a question about finances. So things like this go a very long way toward answering questions,” Hellmich said. “Also, the people of Foley can see just how transparent and accurate our city is.”

 The report also includes other information about Foley, such as the population, median income and unemployment rates. 

Readers can also find the number of calls made to Foley police last year – 27,759, the number of building permits issued – 3,560 or the total number of items circulated by the Foley Public Library during the year – 347,238 and other information.

Past Foley reports have received the Government Finance Officers Association’s Award for Outstanding Achievement in Popular Annual Financial Reporting, known as the PAFR Award, for four years in a row.

Bell said this year’s report will also be submitted to the GFOA for consideration.

The association also presents two other financial awards, for audits and for the budget. 

Foley has also received the GFOA’s Certificate of Achievement for Excellence in Financial Reporting for its annual comprehensive financial report for 10 consecutive years. The city also received the GFOA Distinguished Budget Presentation Award for five years.

Foley is one of the few cities to receive all three awards in the same year. The city received all three awards, an accomplishment known as “the triple crown,” for four consecutive years.