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City reports on financial status
By Carol Broeder/Arizona Range News
City Finance Director Ruth Graham presented fiscal year 2008 financial statements to the Willcox City Council earlier this month.
She explained that the statements are preliminary and would not be final until the audit is completed and all adjustments have been posted.
"This report is for information only, because we still have revenues and expenses coming in," Graham told the council.
€General Fund
General fund revenues are at 77 percent and expenditures are 80 percent of budget.
The revenue budget includes a fund balance appropriation of $626,657, said Graham, adding that actual revenues are 88 percent of budget without consideration of the appropriation.
€Special Revenue Funds
The capital improvement fund shows a deficit balance of $796,939, which includes the construction of the new police facility.
The bulk of the bond revenues were received in fiscal year 2007 and the bulk of the expenditures have occurred in fiscal year 2008, Graham said.
€Utility Funds
Preliminary figures show the utility funds operating at about the same level of income and expense as in FY 2007.
"Please note that the fiscal year 2008 budgeted revenues and expenditures for gas include financing of $1,582,700 for a gas regulator station, a project that was not started in fiscal year 2008," she said.
Gas revenues total 82 percent of budget, and expenditures total 75 percent without consideration of the gas regulator station allowance.
Graham said she would be coming back to the council with more figures for the end of the year.
She explained that the statements are preliminary and would not be final until the audit is completed and all adjustments have been posted.
"This report is for information only, because we still have revenues and expenses coming in," Graham told the council.
€General Fund
General fund revenues are at 77 percent and expenditures are 80 percent of budget.
The revenue budget includes a fund balance appropriation of $626,657, said Graham, adding that actual revenues are 88 percent of budget without consideration of the appropriation.
€Special Revenue Funds
The capital improvement fund shows a deficit balance of $796,939, which includes the construction of the new police facility.
The bulk of the bond revenues were received in fiscal year 2007 and the bulk of the expenditures have occurred in fiscal year 2008, Graham said.
€Utility Funds
Preliminary figures show the utility funds operating at about the same level of income and expense as in FY 2007.
"Please note that the fiscal year 2008 budgeted revenues and expenditures for gas include financing of $1,582,700 for a gas regulator station, a project that was not started in fiscal year 2008," she said.
Gas revenues total 82 percent of budget, and expenditures total 75 percent without consideration of the gas regulator station allowance.
Graham said she would be coming back to the council with more figures for the end of the year.
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