FRRRERRT CERPIEE 3) (TVG ML, eS ha WT | ub 5 VOL 106 NO. 42 Possible billing errors investigated 3 nib vA x TAL ) ON Le yea Tn] . 4 ol b I) A a Ga Nd “2 J } - Ji ¢! ( 4% , % S ], NS I» ] \ is NM \ /" } fit 2 "0 1 O13 HH EEEFEET Thursday, October 20, 1994 The City of Kings Mountain spent Powell Bill funds of $174,999 in 1993-94 but not for streets as was designated and will have to repay the money to the state over a five-year period. "I don't think they will charge a penalty but of course they could," said city auditor Darrell Keller. He said the state will charge interest on the $174,999. Finance Officer Maxine Parsons said that she verified in a letter to the state that the cash is not on City must pay back misused Powell Bil money hand for the street improvements. Keller said the city will end fis- cal year 1993-94 at June 30 with $16,376 cash. The audit will reflect a negative $374,813 in undesignated fund bal- ance compared to $85,000 in fiscal year 1992-93. "We've run wild on expenditures andborrowed from Peter to pay Paul to pay John," said Councilman Jim Guyton. Keller said the city had to catch up for overspending the budget in prior years. "This year the city will carry over $314,000, compared to a $1.1 million in 1993-94, which the (ity owed and could not pay, " said Keller. "Since we paid off $700,000 this year then the following year should show pluses instead of minuses," said Guyton. ] "Hopefully you'll break even if you continue to hold the line on spending," said Keller. See Repay, 12-A —— ~