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City finances solid halfway through FY14
Feb 6, 2014 - By Alejandra Silva, Staff Writer
The numbers are looking good for the City of Riverton as it passes the halfway point in its fiscal year.
Director of administrative services Courtney Bohlender gave the quarterly general fund operational summary to the Riverton City Council.
The numbers reflect revenue and expenditures from a fund that generally is driven by personnel, benefits and the cost of "doing business from day to day," Bohlender told the council.
It does not include any grants, except for one that covered two police officers, special assessments or supplemental funding. The summary was effective as of Dec. 31, and Bohlender compared it to the summary from 2012.
"So far our revenues are down by $454, 216 in comparison to our expenditures," she said.
"This time last year we were $228,663 down as opposed to our expenditures."
In the 2012 quarter, the city didn't include the administrative allocations, however.
"If we would have done that, that would have been another $250,000 (more) which would put us pretty even, which is where we'd like to be at 6 months," she said.
Through projected figures, Bohlender said the sales tax is down more than $100,000. The general fund relies heavily on the sales tax.
"We'll be watching that very closely," she said, adding that the numbers did not reflect holiday spending, when more sales taxes are spending is recorded.
As the fiscal year continues, the city eventually will receive mineral royalty and severance tax payments.
Bohlender also said other funds are doing well operationally.
The water fund is at roughly $538,000.
"That's very good... As you know the Riverton Water Supply project was a huge project," she said. " (It) has been a drain on our cash flow."
The 2 million gallon concrete water tank off Airport Road was completed last summer and cost the city $9.2 million with a cost-sharing between the state and the city.
"We've been very pleased with what's been happening with that from the cash perspective," she said, adding the city recently received a "big payment from the draw-down" on that grant.
Bohlender wrapped up her report by telling the council that the airport fund was $88,000 "in the red" -- not ideal but better than most years at this point on the calendar.
"I don't see this very often... so we're pleased with that," she said.