MONROE - The city of Monroe heard positive news in the audit report presented by Baker Tilly firm director John Rader earlier this week.
The data, derived from current and prior yearly audited financial statements, indicated positive use, Rader told the Common Council on Tuesday. The nonspendable fund balance and the committed funds, which can only be spent on specific, government-designated items, both followed "a good trend," he said.
The 2016 total general fund balance ended with $4.9 million in comparison to the 2015 total, which was $5.1 million. That activity also impacted the debt capacity numbers.
General obligation debt in 2015 was just over $9.4 million. After 2016, the total increased to just over $14.6 million. While the increase is apparent, Rader also said the percent of debt limit following 2016, 43 percent, was still lower than comparable communities of similar population. Commun-ities with a median population of 10,000 to 17,500 have an average of 46.6 percent.
Monroe also has 39.45 percent of expenditures in an analysis of the general fund balance. Comparable cities last year had a percentage of 42.82.
At the end of 2016, Rader said revenue "came in a little bit over" and expenses were slightly under expectations outlined in the budget. He added that the water and storm water utilities as well as the wastewater treatment plant funds increased from 2014 to 2016 and that they are in "good shape."
A notable change in the financial statement highlights was the swing in assigned funds to capital projects, which experienced an uptick from $1.3 million in 2015 to over $4.6 million in 2016. Rader noted that the "nature of the fund is to be in motion" to accommodate for needed equipment and work throughout the city.
The data, derived from current and prior yearly audited financial statements, indicated positive use, Rader told the Common Council on Tuesday. The nonspendable fund balance and the committed funds, which can only be spent on specific, government-designated items, both followed "a good trend," he said.
The 2016 total general fund balance ended with $4.9 million in comparison to the 2015 total, which was $5.1 million. That activity also impacted the debt capacity numbers.
General obligation debt in 2015 was just over $9.4 million. After 2016, the total increased to just over $14.6 million. While the increase is apparent, Rader also said the percent of debt limit following 2016, 43 percent, was still lower than comparable communities of similar population. Commun-ities with a median population of 10,000 to 17,500 have an average of 46.6 percent.
Monroe also has 39.45 percent of expenditures in an analysis of the general fund balance. Comparable cities last year had a percentage of 42.82.
At the end of 2016, Rader said revenue "came in a little bit over" and expenses were slightly under expectations outlined in the budget. He added that the water and storm water utilities as well as the wastewater treatment plant funds increased from 2014 to 2016 and that they are in "good shape."
A notable change in the financial statement highlights was the swing in assigned funds to capital projects, which experienced an uptick from $1.3 million in 2015 to over $4.6 million in 2016. Rader noted that the "nature of the fund is to be in motion" to accommodate for needed equipment and work throughout the city.