“First off, we delivered an unqualified opinion, which means that nothing seriously wrong was found with any of the city’s financial statements,” Williamson said.
However the city lost $2.5 million in cash from its general fund.
“The change in the net position of the general fund was $2,543,000 over the past year,” he said. “Now that sounds bad but it’s not necessarily so. The general fund is not going to retire. You still have $1.4 million in the fund and you collected more than $33 million in revenue in 2013.”
Williamson noted that general fund expenditures decreased by nearly $2 million although they were still much higher than revenues.
Other revenues, notably the water and sewer and the electric funds, declined by almost $2.5 million while the gas fund recorded a $2 million increase.
Williamson said capitol projects received $4,361,241 mainly from SPLOST funds but spent more than $12 million, leaving $3.6 million in cash at year’s end. The city retirement fund increased by $3.8 million to $32,038,899 at year’s end.
Williamson said the sometimes confusing numbers shouldn’t be any cause for concern; despite the numbers, every department’s expenditures remained under budget.
The November financial report presented by Finance Director Tom Rhinehart showed general fund revenues increased by more than $500,000 over the 2012 amount, while expenses increased by more than $350,000 due to increased personnel and operating expenses.
Broken down by fund:
• Water and sewer fund revenues increased by more than $12,000 and expenses decreased by $46,221.
• Gas fund revenues increased by more than $600,000, but that was offset by $1.4 million in expenses.
• Electric fund revenues increased by more than $70,000 but that was offset by $277,719 in expenses.
• Stormwater fund revenues increased by almost $60,000 along with a $265,000 decrease in expenses.
• The solid waste fund revenues increased by more than $19,500 while expenses decreased by nearly $60,000.
• Fiber optics fund revenues increased by more than $50,000 while expenses decreased by $34,257.
In other business, the council voted to send two fire ordinance revisions to a second reading in February, signed a quit-claim deed for an abandoned alley, and awarded bids for restocking inventory at the distribution and collection center and purchase of a main boom for a backhoe.
Cartersville City Council will meet again Thursday, Feb. 6, at 7 p.m. at city hall.