VALLEY GRANDE — The Valley Grande City Council was given the results of an annual audit of the city’s finances Monday, and the results were as good as they could have asked for.

The city’s net assets at the end of fiscal year 2013, which concluded Sept. 30, increased by over $300,000 from the previous fiscal year to $1,889,111.

Mayor Wayne Labbe said he was pleased with the results of the audit, which was performed by Selma-based C.P.A. Jimmy Siddens.

“Jimmy does a good and thorough audit, and in fact, I sat down with him for two hours in his office before tonight’s meeting,” Labbe said. “And I was of course more than pleased with his findings. With the revenue that’s coming in things are picking up around here.”

Increases in revenue from sales taxes along with business licenses, building permits and inspection fees provided a large portion of the increase in assets for the city, and Labbe said several new business and housing developments in the city are a welcome sight for the community.

“Valle Grand Mexican Restaurant, Dollar General and Dave’s Market are all doing great business these days,” Labbe said. “There are new houses going up all around town and people are coming out here to shop and live, and that’s great. Things are getting better and better around here.”

Also contributing to the increased amount of assets owned by was an increase in sewer revenue and decreases in public safety and parks and recreation costs.

The increased income to the city overcame an increase in long-term debt, but Labbe said the increase in debt is of no threat to the city, it’s residents, or it’s financial security.

“There is a balloon note on 80 acres the city owns and put a park on,” Labbe said. “So in our next council meeting, we’ll determine how much of that balloon note we want to pay off and then I will renegotiate the balance with the current lien-holder.”

Labbe said the debt shows up on the books the fiscal year 2013 because it comes due in May of this year, when he said he has little doubt a large portion of the debt would be paid off.

“We are in a good financial position now, so I imagine we will pay a good portion of that note off and renegotiate the remainder,” Labbe said. “And that’ll be up to the council.”