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Local News - November 2002 |
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Lincolnton weathered budget storm By ALICE SMITH, LTN Staff Writer November 15, 2002 - Even though it lost more than half a million dollars in state withheld funds, the City of Lincolnton was presented with a clean audit report for 2002 at the last City Council meeting. Raymond Quintin of the accounting firm Cherry Bekaert and Holland gave the council an outlined version of the report Nov. 7. “Everything is in order,” Quintin said. There were no findings in the audit of federal and state funds. The general fund showed a modest increase of $129,424. This increase came despite the reduced state funding, Quintin said. “This is very significant,” he said. “You managed to do it despite significant cutbacks.” The undesignated fund balance increased from $6.9 million to $7.1 million. That translates to 114 percent of the general fund expenditures, up from 106 percent. Again, Quintin congratulated the city for the increase. “Given the conditions, that’s a strong showing,” he said. “You managed to weather the storm.” The water and sewer fund revenues showed a slight decrease, dropping from $6.2 million to $5.7 million. This is an expected decrease, Quintin said. Expenses rose from $4.5 million to $4.7 million, and the fund equity declined from $24.3 million to $24 million. The amount of unrestricted cash in the water and sewer fund fell a total of $2.1 million — from $10.9 million to $8.8 million. This is a direct result of upgrade to the city’s waste water treatment plant, Quintin said. New borrowings used for the waste water treatment plant upgrade totaled $9.7 million. Electric fund revenues decreased marginally from $5.5 million to $5.4 million. Expenses increased by $100,000, bringing the total expenses up from $5.1 million to $5.2 million. There was a $200,000 increase in fund equity. It increased from $6 million to $6.2 million. Unrestricted cash increased from $4.3 million to $4.7 million, and the electric fund continues to have no long term debt. City Manager Jeff Emory gave credit to the city council and city staff for maintaining the city’s strong financial condition.
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© 2001 Lincoln Times-News |
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