Politics & Government

Auditor: Woodstock Has "Made Progress" in Tackling Debt

The City Council on Monday heard a summary of its fiscal year 2012 Comprehensive Annual Financial Report.

While the city of Woodstock ended fiscal year 2012 with a general fund deficit, it has made improvements to its financial outlook. 

The Woodstock City Council heard a presentation on the Comprehensive Annual Financial Report compiled by Snellville-based Certified Public Accountant James Whitaker. 

Some of the city's financial highlights include (by June 30, 2012):

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  • The city's combined net assets increased $224,392 to $27.8 million; 
  • Combined revenue increased by $1.5 million to $25.8 million; government activities total $18.4 million and business-type activities total $7.4 million.
  • Overall expenses totaled $33.6 million; government activity expenses totaled $24.9 million while business type activitiy totaled $8.7 million.
  • The city's governmental funds reported a combined ending fund balances of $909,313. 
  • The city's combined outstanding long-term liabilities dropped by $1.5 million
  • The unassigned fund balance for the general fund was $1.24 million. The city's general fund had a deficit of $601,960, which Whitaker proclaimed as a "serious situation." That's an improvement from the $827,478 in 2011 due to positive cash flow. 
  • The total 2012 actual revenues for the general fund were $15.6 million while expenditures were $15.4 million. 
  • The city's long-term debt stands at $42 million, which represents $17 million in government activity related debt and $24 million related to "business-type activities." 

Whitaker pointed out the city has taken steps to reduce the deficit as well as to rebuild the city's reserves. He also said the city has seen an upswing in its economic outlook.

"I think the city has made progress in recent months," he said

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New residential and commercial construction will have a positive impact on the city's property tax digest, new residential permits doubled from 109 in 2011 to 236 in 2012 and business license taxes are increasing.

"A lot of cities don't have that," he said of the positive news.

The council also will move forward with revising its ordinance that regulates solicitation in the rights-of-way of state highways and city streets.

The revisions mirrors that of Cherokee County, which allows non-profit organizations to solicit on public highway rights-of-ways.

It would also establish a free permit process for those who wish to partake in the solicitations, prohibits anyone under the age of 18 from soliciting and would require those soliciting to clearly identify which organization they are working with.

The ordinance will be brought back during the council's April 15 called meeting as its April 8 meeting has been cancelled due to the start of spring break for the Cherokee County School District.

Council members also approves sending an application to the Georgia Department of Transportation requesting the agency install two traffic signals on the on and off ramps of Interstate 575 at Ridgewalk Parkway. 

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