- Associated Press - Sunday, March 16, 2014

SUMMIT, Miss. (AP) - Summit ended its 2013 fiscal year with additions to its cash reserves and an increase in revenue, auditors told the Town Council.

The Enterprise-Journal reported (http://bit.ly/1i9lq6F) Tommy Lindley of the audit firm of Haddox, Reid, Burkes & Calhoun presented the 2013 audit and summarized the audit report at the council’s meeting this past week.

He said the Pike County town had total revenue of $1,183,000 in 2013, up from $1,160,000 in 2012. There were increases in sales taxes, ad valorem taxes, fines and sanitation charges, with sales taxes, at $397,000, making up the largest share of revenue.

The town had $1,022,000 in total expenses, Lindley said.

Lindley told council members that $160,000 was added to Summit’s cash reserves in 2013, compared to $53,000 in 2012. “That’s a positive trend,” he said.

The town has $1,488,000 in total cash, including $176,000 in unrestricted general fund cash, $43,000 in restricted general fund cash and $681,000 in unrestricted sewer funds.

Its long-term debt is $1,233,000.

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Information from: Enterprise-Journal, http://www.enterprise-journal.com

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