VIDALIA — Vidalia city accountant Debra Moak presented a financial report for the last fiscal year to the Vidalia Board of Aldermen during the board’s regular meeting at the Vidalia City Hall on Tuesday night.

Moak said the budget projection for the 2017-2018 year had very few variances.

“We were right on target with our projection,” she said. “As of May 31, cash balance fund-wide was $2.9 million, and that includes $1.8 million in the hydro checking account. We also have in the hydro reserve $2.3 million.”

Moak said the town had actual year-to-date revenue in the general fund of $2.4 million and actual year-to-date expenditures of $8.4 million, a deficit of $6 million. In the special revenue fund, Moak said the town had actual year-to-date revenue of $15 million with actual year-to-date expenditures of $10 million, a net profit of more than $5 million.

Moak said the town also has receivable income of $3 million — $2 million of which is in the utility fund and $817,000 is from the Fruit of the Loom property closure.

The town also has government receivables of $1 million for a port construction invoice, Moak said. Accounts receivable in the hydro royalties are at $2.9 million at the end of May, with accounts payable at $3.3 million.

Also, during Tuesday’s meeting, the board unanimously voted to reappoint Silas Simmons LLP for an audit of town’s finances for the 2017-2018 fiscal year.

Moak said a budget for the 2018-2019 fiscal year is still in the making after aldermen voted 3-1 to table the previous budget on June 27.

The failure to create a budget projection by the June 30 deadline will result in a finding on the auditor’s report, but carries no other legal penalties, officials said.

During discussion of a report that will be sent for audit, Vidalia Mayor Buz Craft said an announcement regarding “Project Blue,” code name for the sale of the Fruit of the Loom property, will be made soon with full disclosure of the unnamed manufacturing company that is making the purchase. The project is estimated bring more than 300 jobs to the area.

“There will be an announcement soon on Project Blue. … We have not received any money yet, but there will be an announcement soon that will give full disclosure.”

No date has been provided yet regarding when the announcement will take place.

In other matters at Tuesday’s public meeting the Vidalia Aldermen:

• Unanimously approved minutes for the previous two meetings on June 21 and June 27.
• Unanimously approved an occupational license for dance classes.
• Unanimously approved departmental assignments of each alderman for the following year Mayor Buz Craft recommended: Alderman Jon Betts over the Vidalia Police Department, Alderwoman Sabrina Doré over the Vidalia Town Hall, Alderman Tommy Probst over the Vidalia Street Department, Alderman Triand McCoy over utilities and Alderman Robert Gardner Jr. over the Vidalia Fire Department.
• Unanimously approved the transfer of the mayor pro-tempore position to Alderman Jon Betts, a position previously occupied by Tommy Probst.