The City of Lake Charles has released its comprehensive annual financial report for the fiscal year that ended September 30, 2018, in a presentation at the City Council agenda meeting on Tuesday, April 23. CPA firm McElroy, Quirk, & Burch conducted the annual audit where there were reportedly "no audit findings".

According to a media release, the City’s total net position on September 30, was $506 million, which includes $380 million net investment in capital assets.

The General Fund revenues of $79.5 million were an increase of $3.6 million over prior year collections. Sales taxes of $51 million account for 65 percent of all General Fund revenues and was an increase of 4.4 percent over prior year.  Property taxes of $9.6 million account for 12 percent of all General Fund revenues.

General Fund departmental expenditures and operating subsidies totaled $68.7 million. Salaries and fringe benefits of $42.6 million accounts for 62 percent of expenditures and were up $1.2 million or 3 percent from prior year.

An additional $6 million of reserves were used to fund capital projects, resulting in a net increase in fund balance reserves of $4.8 million.  The General Fund had an ending fund balance of $39.8 million at September 30, 2018. The $6 million capital transfer was used primarily to fund wastewater system and drainage improvements.

More From Gator 99.5