City finances in good shape

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City finances in good shape

By Lou Elliott Jones, Editor

The city of Chiefland’s financial health received an “unqualified” endorsement, the highest available from its auditor, Robert Beauchamp.

Beauchamp, who delivered his report on the state of city revenues and spending at Monday evening’s commission meeting, commended the city staff for its helpfulness and their attention to properly handling public funds.

“They do a great job; they’re a great staff,” he said.

Beauchamp said the city’s general fund balance sheet showed $1.2 million in assets in the fiscal year 2007 that dropped slightly to $1.16 million in fiscal year 2008 that ended Sept. 30 2008. He said liabilities dropped from about $731,000 to about $520,000. The lower figure on the liabilities was because the city had paid off about $125,000 in debt.

Beauchamp noted that the city had also taken the opportunity to use cash in its water and sewer fund to reduce its debt by about $257,000.

While the city overspent the water and sewer fund by about $14,000, “I’d call that break even,” Beauchamp said.

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