The City of Gulf Shores released it's results from the audited 2022 financial information. During a Gulf Shores City Council Work Session the Director of Finance and Administration, Cindy King, presented the results to Council members.

2022 AUDIT:

• King presented the entire audit to the council and made it available to the public and highlighted some of the numbers showing the revenue increases versus expenditures.

• “General Fund Revenues exceeded expenditures by $29.5 million,” King said. “That resulted in a complete fund balance now of $62.5 million, so we’ve increased our general fund balance significantly in that year. It represents 110 percent of total expenditures including transfers out for debt.  We have far exceeded our 70 percent goal of fund balance on revenues and expenditures.”

• Governmental revenues increased by $4.4 million to $74.7 million reflecting:

Property taxes increased $846,657 due to increased assessments and new construction

Local taxes increased $4.8 million due to increased revenue from sales/lodging tax

Licenses and permits increase of $926,554 due to new construction

Fines and forfeitures increase of $67,042

Utility tax equivalents increased $3.5 million primarily due to FEMA reimbursement for Hurricane Sally increasing from 75 percent to 90 percent federal share

Intergovernmental taxes/grants decrease of $3,110,501 due to 2021 FEMA reimbursements

Interest income increase of $2.3 million primarily due to investment in Treasury Bills of school loan construction proceeds and increase in interest rates on CDs

$5.2 million decrease in the fair value of investments due to 2022 investment in Treasury Bills of the borrowed funds for school construction

Impact fees increase of $20,185 and other receipts increase of $121,772.

The full report can be found HERE and was audited by Grant, Sanders & Taylor Accounting