Annual Financial Report Completed for City of Lake Charles
At a City Council meeting on Tuesday, April 10, city auditors presented the comprehensive annual financial report for the fiscal year ending September 30, 2017. Below is a breakdown of the money collected in the City of Lake Charles via sales taxes, as well as money spent.
The City’s total net position on Sept. 30, 2017 was $484 million, an increase of $22 million from last fiscal year.
The General Fund revenues of $76 million were an increase of $5.7 million over prior year collections. Sales taxes of $49 million account for 65 percent of all General Fund revenues. Previously existing sales taxes increased by 3.8 percent. Property taxes of $9.4 million account for 12 percent of all General Fund revenue.
General Fund operating expenditures of $64 million were an increase of 7 percent over prior year expenditures of $60 million. Salaries of $26 million accounts for 41 percent of total expenditures and were up $1.2 million or 5 percent from prior year. Annual operating subsidies of $4 million were included as operating transfers.
An additional $2.8 million of reserves were used to fund capital projects, resulting in a net increase in fund balance of $5 million. The General Fund had an ending fund balance of $35 million at September 30, 2017, which represents 49 percent of 2017 expenditures and operational transfers.
The audit was prepared by the firm of McElroy, Quirk, and Burch said the media release.