Audit Report Shows Central in Good Shape

Submitted by David Barrow

Central, LA – The annual audit for the city of Central for the fiscal year ending June 30, 2010 has been released by the audit firm of Faulk & Winkler.  Faulk & Winkler has conducted the annual audit for the city since its inception.  Jacob Waugespack, director with F&W, presented the audit report to the council at their November 9 council meeting.

The audit report shows the city to be in a very healthy financial shape, in fact, the best since its inception in 2005.  Assets of the city exceeded liabilities by approximately $8.7 million, of which $3.1 million may be used without restriction.  The primary total net assets increased by approximately $3.2 million, which is primarily the result of the increase in sales and franchise taxes. 

At the end of the fiscal year, the city’s governmental funds reported fund balances of approximately $8.6 million, an increase of approximately $3.3 million in comparison to the prior year.  Approximately 63% of the fund balance is designated for capital improvement projects ($3.7 million) and other purposes ($1.8 million).  One of the projects is the Hooper Rd- Sullivan Rd widening project.

A complete copy of the audit can be found on the city’s website at www.centralgov.comunder the “City Documents: Budget” section.