Toccoa Finance Director Cathy Loudermilk said the city’s natural gas fund is off to a good start in Fiscal Year 2014.
Loudermilk delivered the July financial report at Monday’s meeting.
July is the first month of the fiscal year for the city.
According to Loudermilk, the city ended July with more than $435,000 in operating cash in the gas fund, as opposed to last July, when the gas fund was just under $7,000 in the hole.
“The gas fund had a nice increase (in operating cash), which is a positive thing,” said Loudermilk. “At least we have some money to start out this (fiscal) year.”
Meanwhile, Loudermilk said the gas fund also had a good month in July.
She said that even though the gas fund had a net loss of nearly $207,000 in July, the revenues were strong, coming in at about $576,000.
“Even though it looks like a bad number, the gas fund did well, even for the month of July,” said Loudermilk.
Loudermilk said the water fund also had a good month in July.
Officials noted that these figures include two rate increases approved previously by commissioners.
One rate change involves a 3-cent-per unit hike on gas bills, while the other rate change is increasing the water rate for a county customer across the board to 1.25 times the rate of a city customer.
Commissioner Terry Carter asked Loudermilk to break out the revenue the city receives from the gas rate increase, noting that the city commission approved that to pay for the relocation of gas lines in connection to the widening of Highway 17 and would take that gas rate increase off once the project is paid for.