Reserves in Columbus rise to 42 percent of general fund budget
Published 2:54 pm Tuesday, January 13, 2009
The Town of Columbus ended fiscal year 2007-2008 in good financial standing with 42 percent of its annual expenditures in reserves.
Columbus Town Council has not yet heard an official presentation from auditors Gabler Molis & Company, PA, but has received the report.
The town ended the year with an unreserved general fund balance of $390,507, an 11 percent&bsp; increase from the previous fiscal year. The fund balance percentage is based on the town&squo;s general fund budget of $929,032.
Columbus Town Manager Tim Holloman says the town is financially sound and the town has increased its fund balance mainly in fixed assets, rather than cash on hand. He said in the water/sewer department the town added approximately $170,000 in assets in the form of an upgraded sewer pump station and an improved sewer line.
&dquo;The Town of Columbus is sound financially and continues to monitor expenditures and revenues to provide services and to maintain infrastructure,&dquo; Holloman said.
Revenues exceeded the town&squo;s budget by $23,049 and expenditures were less than budgeted by $10,506, primarily because operating expenses in the police department were lower than expected.
The town&squo;s total debt decreased by $38,388 for the general fund. The town&squo;s total debt for the water/sewer fund increased by $224,629. The town&squo;s total revenues in the water/sewer fund were $1,069,812 compared to $1,052,112 in operating expenses for year end 2007-2008.
Capital assets gained in 2007-2008 included the completion of pump station generators, the acquisition of a Caterpillar backhoe, the acquisition of a 2008 Ford F150 truck, upgrades and repairs to the Hwy. 108 sewer line and construction of a farm pump station.