City releases 2011 first quarter report

The first quarter financial report was given at a recent city council meeting for the period between Jan. 1 to March 31.

According to City Chief Financial Officer Cecile Arnott, general fund net operating revenue for the quarter was $250,000 (5.4 per cent of the annual operating budget of $4.6 million) and she said that revenues are usually low during the first quarter.

“We have no money in the general fund because mostly that’s funded by taxes and we typically collect that in the second and third quarter of the year,” explained Arnott at the meeting.

For the water and sewer operating funds, net operating revenue for the quarter was $110,000 with both being supported by rates charged and neither saw money transferred from property taxes.

Net operating revenue from electrical was $760,000 and according to the city, it has billed for one of six bi-monthly billing periods and it is expected that the revenues and expenses will be on target.

The city said that the electrical operating fund is projected to add $410,900 to city operations and an annual deficit is not expected.

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