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Council hears good news on city reserve funds
by Liz Marino
April 10, 2013 04:57 PM | 1233 views | 0 0 comments | 9 9 recommendations | email to a friend | print
Douglasville Finance Director Karin Callin told the city council last week the city’s fund balance meets requirements that a local government’s general fund hold no less than one to two months of operating expenses.

According to Callen’s report, the city’s operating expenditures run between $1.75 to $3.5 million during a typical one- to two-month period.

On Jan. 1, 2012, the city’s fund balance was just over $7.5 million. The fund balance a year later was $5,974,813, which complies with Government Finance Officers Association standards.

The city’s fiscal year ends on June 30. From July 1, 2012, to Jan. 1, 2013, the fund balance declined by $1.28 million due to a street resurfacing project at South Flat Rock Road costing $312,000; a lawsuit settlement of $525,000 involving a land purchase for the intersection project at Ga. Hwy. 5, Rose Avenue and Bright Star Connector.

Callen’s projected balance is $5,494,813 at the end of the 2013 fiscal year June 30.

Mayor Harvey Persons said he had campaigned on exhibiting fiscal responsibility and took hits from local news media on his compensation without receiving coverage on the city’s fiscal responsibility and good stewardship.

“We increased our bond rating last year and saved $600,000 on insurance,” he said.

He said he and the council worked together to save the city money.

“We want to make sure that the council and citizens know where we stand so we can make decisions,” Persons said.

City Development Director Jeff Noles gave the council a report on the finishing touches on the Plaza East project adjacent to O’Neal Plaza.

“We are moving forward to completion,” said Noles, “and are beginning to see opportunities for private investment.”

Follwing concerns about the lack of lighting on the plaza, Noles said the power was turned on and the sprinklers tested.

“We are going forward with lighting within the rest of the plaza that will make people feel safe.”

Noles said he hopes the project will be completed within 60 days.

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