City council delivers annual financial report

By By Steve Gillespie / staff writer
March 26, 2003
The Meridian City Council found good news in the city's annual financial report on Tuesday.
Paul Breazeale of Breazeale, Saunders &O'Neil LTD., a certified public accounting firm in Jackson, went over the report with council members in a special called meeting.
The report, which covers the fiscal year that ended Sept. 30, marks the second year in a row the firm has done an independent audit for the city. The report shows property and sales taxes as the city's primary revenue.
Meridian Mayor John Robert Smith thanked the council for its stewardship of the city's money. He credited the council with making the infrastructure possible for Bonita Lakes Mall's investment.
He said that the investment has led to increased sales tax revenues as well as increased property values. He said it also has led to other recent developments such as a Wal-Mart SuperCenter and Lowe's Home Improvement Warehouse.
He told council members they are essentially the board of directors for a $40 million business and industry, the city of Meridian.
Future budgetary concerns the council discussed included funding required insurance for retirees and hiring another accountant to keep up with its infrastructure costs and depreciation of its projects.
Smith said it will be a huge undertaking for a city the size of Meridian. As an example, Breazeale said, the Mississippi Band of Choctaw Indians has hired three new people to keep track of its infrastructure costs.