Good Year for Toccoa Enterprise Funds
Toccoa Finance Director Cathy Loudermilk said this week that the city’s enterprise funds generated a lot of profit in the fiscal year that just ended June 30.
Loudermilk delivered the preliminary year end financial report for Fiscal Year 2013 on Monday.
In that report, Loudermilk pointed out that the water, gas, and solid waste funds all showed profits over the last 12 months.
She said the profits shown are even larger when you take into account that some of those profits are transferred to other funds, like the general fund.
“In water fund, we transferred out more than $2 million so look at the profit that we truly had,” said Loudermilk. “It is showing $8,900 (profit) but we actually had $2 million plus (the $8,900). Same way with the natural gas fund. It shows a profit of $470,000, but we transferred out $721,000.”
In particular, the city’s gas fund showed nearly $11.56 million in revenues according to the preliminary fiscal year end numbers.
That is almost 8 percent above what the city budgeted for Fiscal Year 2013.
Loudermilk went on to say that even now, the gas bill from the Municipal Gas Authority of Georgia is higher at this point of the year than it typically has been.
“To me, that is encouraging to me because it shows that we have added some new customers throughout this past year who are year-round customers and are using more (gas),” said Loudermilk.
Overall, the preliminary year end numbers show the city had $28.4 million in revenues for Fiscal Year 2013 and $27.3 million in expenditures.
That results in a net profit at this point of just over $1.1 million.
Loudermilk noted that these numbers are preliminary as some final revenues and expenses are still coming in for June.
As a result, she said the numbers will change somewhat until the books are closed and the audit completed later this year.