WOODSTOCK — The city will have an estimated surplus of about $1 million in its general fund after emerging from a negative fund balance in the 2012 fiscal year, preliminary figures from the 2013 fiscal year that ended June 30 show.
Chief Financial Officer Robert Porche presented a financial update on revenue and expenditures for the 2013 fiscal year at the Monday meeting of the Woodstock City Council, and reported cash flow across all funds is on the rise.
For fiscal year 2013, which started July 1, 2012 and ended June 30, Porche said there was a $1.6 million surplus in the general fund.
Porche said Wednesday that this time last year, when the 2012 fiscal year wrapped up, there was a negative $601,960 general fund balance.
“The fund balance was negative last year, and that’s a cumulative number over the life of the city,” Porche said. “We were able to swing that into a positive territory within a year.”
Though the numbers are preliminary, Porche said he doesn’t expect them to change much when the final audit for fiscal 2013 is completed.
“The city of Woodstock has an anticipated general fund balance of $1 million after the $1.6 million dollar surplus in the general fund,” Porche said. “Again, these are unaudited numbers that will be confirmed later next month.”
Porche said the additional cash on hand is partly because of expenditures being lower than expected.
“Citywide expenditures, we spent 88 percent of what we budgeted (for fiscal 2013),” Porche said.
Porch said general fund revenue is forecast to be about 105 percent when final figures are in.
“(The fiscal 2013 budget audit) is scheduled for Oct. 14, there could be some movement (in the numbers),” Porche said. “The final audit presentation will be in December, but I don’t expect it to move dramatically.”
Porche said Wednesday that the general operating fund revenue for fiscal 2013 was about $16.3 million, and general fund expenditures were about $14.53 million.
According to the preliminary figures for fiscal 2013, the city recorded about $31.8 million in revenue across all funds, and $30.27 million in expenditures.
“There was not one department that exceeded budget,” Porche said. “Considering last year’s negative fund balance, we swung that positive in one year.”
Several members of the city council expressed satisfaction with Porche’s work as chief financial officer, including Councilman Chris Casdia, who reiterated what Porche had just said.
“This is the first year (Porche has been the CFO),” Casdia said. “So net, that’s $1.6 (million). … Great work, everybody.”
Along with all of the departments staying within budget, some factors in the lower expenditure last fiscal year were that all capital items were purchased at or below budget, some vacancies led to lower compensation costs and several loans were paid off early to save money on interest expenses, according to the preliminary report.
No contingency funds were used in fiscal 2013, which ended June 30, and fiscal 2014 began July 1.
The city of Woodstock was awarded a 2013 Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada, for its comprehensive annual financial report.
The award was presented to Porche and Finance Office Manager Gena Kelly in August.