Quentin D. Anderson Sr.
Looking forward to audit report
In reference to the article in The News Courier subject “City leaders claim of a $ 2M deficit” dated July 10, 2012.
I did confirm again on Wednesday July 11, 2012, with Mr.. Feigley the city auditor that the information given at the City Council meeting was correct in that the fiscal year 2011 draft audit report stated that the city received a net revenue of $19,938,100 and expediters of $21,942,211, which resulted in a $2,004,031 deficit.
Mr., Feigley did also confirm that the reserve account was reduced from $4,884,741 to $3,005,400.
The city leaders claim that this deficit was the result of paying off a bank loan. I have always been taught that paying bills were just a part of doing business.
No matter what kind of “spin” you put on it, the city has $1,779,341 less in the reserve account. It goes without saying that if you borrow more money you could show that as a increase in the reserve account.
Perhaps if we ever get a final audit report, we may be able to tell how the $1,779,341 was actually spent.