City's net income beats expectations

Morgan City’s net income was better than expected in October, Financial Director Deborah Garber said during Monday’s city council meeting.
The financial statements for the period ending Oct. 31 were calculated “as best we could this early in the month but there’s most likely some expenses that we haven’t received yet in order to post,” Garber said. “As far as we know most of the major ones are in there.”
Total revenues for general and ancillary funds are over budget by $166,000. The general fund sales taxes were under budget by $416,500.
Operating expenses are below budget by $536,800. After transfers, a net income of $433,777 created a “favorable variance” of $702,800.
The October sanitation and sewer financial statement report is under the previous contract with Progressive Waste Solutions. November’s report should reflect expenses under the new contract with Progressive.
The new Progressive contract began Nov. 2.
“The expenditure amounts for November should change,” Garber said.
The third reading of 2016 budget ordinance was approved without opposition from council members. There were no comments from the community during the public hearing.
No action was taken on the second reading of the 2015 budget amendment ordinance.
In other news, the council approved Main Street Director Steve Morrell’s request of $5,027.50 from the Friends of Main Street account to order new banners and hardware for Main Street and Lawrence Park. The current account balance is around $44,000.
“The banner I presented at the meeting will go throughout the Main Street district,” Morrell said. “We will be putting four banners on the corner poles in Lawrence Park but those have not been designed yet.”
The goal is to put the new Main Street district banners up in January. The banners will remain up until August or September.
There is no time frame set for the banners in Lawrence Park.
“The main thing was to get the expenditure approved at the council meeting so that they know and are OK with us moving forward,” Morrell said.
The Friends of Main Street account is a donation-based account.
Mayor Frank “Boo” Grizzaffi and council members concluded the meeting with a resolution of respect for longtime City Marshal Merlin Raymond Price Sr., who died last week.
Price’s wife and family members were present.
“Merlin was always around,” said Councilman Lou Tamporello Jr. “He was there for the good of the people and everyone else.
“He was always there when we needed him. He will be sadly missed. We appreciate his service all these years and you have our condolences.”