Morenci city council 2012.01.11

Written by David Green.

By DAVID GREEN

Morenci CPA Philip Rubley is pleased with the city’s financial position and he commended new treasurer Crystal White for her work.

During the annual city audit report Monday, Rubley noted that the city continues to show improvement.

“Over the last few years, you’ve done nothing but improve your position,” he said. 

The city is now able to meet his recommendation of maintaining cash reserves to cover at least three months of operation.

Rubley pointed toward the general fund as an indication of the improvement. Revenue exceeded expenditures by $39,202, increasing the general fund balance at the end of the fiscal year (June 30, 2011) to $306,414.

“All funds are in good shape and all are meeting their function,” Rubley said.

He singled out the EMS budget as a highlight, noting that the fund finally has some cash flow. The fund showed an excess of $26,000 at the end of the fiscal year.

Rubley said the audit was marred by one deficit, but it wasn’t the city’s fault. The capital projects fund was $10,700 at the end of the year because a payment from the state had not yet arrived for the parking lot project.

Rubley noted that White was late in completing some bank reconciliations, but he said the treasurer was new to the position and had a lot to learn. In the current fiscal year, she work is on time.

“I think Crystal did a very good job,” he said,  adding that he was impressed with her success in obtaining payment for some overdue accounts.

Total debt stands at $1.18 million. The largest portion, $775,000, is from the downtown streetscape project which should be paid off in 2018. 

Rubley concluded his audit report by telling council that city government is holding its own during tough times.

“I’m very pleased with it,” he said.

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