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April 24, 2013CUMMING, Ga. — The city of Cumming will have to move around funds to cover sewer, but the Mayor said he is still pleased with the overall findings of an independent audit.
"It means we are selling our water and sewer at a rate that is cheaper than we can produce it," said Mayor H. Ford Gravitt.
But overall, Gravitt was pleased with the audit's findings of the city's $23 million operational budget.
"We've got a blue ribbon budget," Gravitt said after learning of the audit. "The numbers were great.
The $14.2 million water and sewer fund, which is separate from the general fund, showed about $300,000 in losses.
The presentation of the audit, performed by Charles Cole and Jeff Stephens of Leroy, Cole and Stephens was discussed at their April 16 Cumming Council meeting.
The audit found the city's assets total $219 million and $213 million of equity.
In general funds the city has $11 million and there were $9 million in expenditures. All departments operate within their budgets, the firm findings indicate.
"We are not in debt, we don't have to set money aside," Gravitt said.
Gravitt authorized an audit of rates study for water and sewer of all of the surrounding communities.
This may impact the water and sewer rates of city residents.
"We will be making changes on the way the rate structures are, but that will come later in the year," Gravitt said. "We don't have any idea of what it will be."
Managing Editor, Appen Media.