City of Lake Charles Releases Comprehensive Annual Financial Report, Ending Sept. 30, 2018
The City of Lake Charles has released its comprehensive annual financial report for the fiscal year that ended September 30, 2018, in a presentation at the City Council agenda meeting on Tuesday, April 23. CPA firm McElroy, Quirk, & Burch conducted the annual audit where there were reportedly "no audit findings".
According to a media release, the City’s total net position on September 30, was $506 million, which includes $380 million net investment in capital assets.
The General Fund revenues of $79.5 million were an increase of $3.6 million over prior year collections. Sales taxes of $51 million account for 65 percent of all General Fund revenues and was an increase of 4.4 percent over prior year. Property taxes of $9.6 million account for 12 percent of all General Fund revenues.
General Fund departmental expenditures and operating subsidies totaled $68.7 million. Salaries and fringe benefits of $42.6 million accounts for 62 percent of expenditures and were up $1.2 million or 3 percent from prior year.
An additional $6 million of reserves were used to fund capital projects, resulting in a net increase in fund balance reserves of $4.8 million. The General Fund had an ending fund balance of $39.8 million at September 30, 2018. The $6 million capital transfer was used primarily to fund wastewater system and drainage improvements.