Members of the Enterprise City Council were presented a summary of the city’s finances during a May 7 meeting, and were informed the city is in good financial standing.
The audit summary, prepared by Misty Tindol, of Brunson, Wilkerson, Bowden & Associates, P.C., gave the city an unqualified opinion, which is the highest rating.
For the 2012 fiscal year, the city took in revenues of $30.6 million and had expenditures of $27.6 million.
Revenues are collected through service charges, grants and various taxes including sales, ad valorem, gasoline and lodging among others.
Expenditures include public safety, highways and streets, education, health and sanitation, culture and recreation and general government expenses.
According to the auditing firm, city officials have managed financial activities of the municipality in a proper manner.
The audit reveals the city has maintained fund balance targets set for the 2012 fiscal year.
In the audit’s summary of assets for governmental activities, the city has total assets worth $68.4 million, liabilities of $55.2 million with total net assets of $13.1 million.
Net assets increased by $2.8 million from the 2011 fiscal year.
City capital assets are $56.9 million.
In business type activities, the city’s total assets are $44.9 million with $30.8 million in liabilities, making total net assets $14.1 million, a decrease of $641,342 from the 2011 fiscal year.
The city’s Water Works Board has operating revenues of $3.7 million with operating expenses of $3 million.
The sewer fund has operating revenues of $2.9 million and operating expenses of $1.8 million.
Enterprise City Clerk Steve Hicks said the reason the city has been able to manage its financial plan is through setting a plan and sticking with those goals.
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