September 4, 2003

City Balances Near $2 Million At Midway Point of Fiscal Year 2003

The City of Memphis weathered the first half of the 2003 fiscal year in relatively strong financial shape according to the recently released financial statement maintaining a positive balance of nearly $2 million as of June 30 with half a yearís expenses remaining.

The waterworks and sewer system fund had the largest positive report with more than $560,000 on the books. That number declined from the previous report after expenditures ($404,149.98 ) exceeded revenues ($302,171.84) by more than $100,000 for the sixth months.

Even with higher electric rates for customers the cityís electric plant fund grew only slightly from January 1 to June 30 to increase to a positive balance of $513,422. Receipts of roughly $738,000 outdistanced the expenditures of $719,000 for the recording period.

The road and street fund was the biggest gainer, going to more than $300,000 after making it through the first half of the year $60,000 in the black. Expenditures were just under $116,000 compared to receipts of $173,000.

With the swimming pool project slotted for this fall and next spring the parkís fund of $208,553 likely will not be around for too much longer. The pool fund did grow by more than $13,000 this swim season with expenses of just over $10,000 coupled with revenues of greater than $23,000.

The cemetery fund was also able to add to the bottom line balancing $15,655 in expenses with $22,875 in receipts to create a final balance as of June 30 of $136,793.

The general/contingent fund had $291,989 in receipts or transfers to help offset $240,827 in disbursements to leave a balance of $145,459 in the general operating fund for the city.

Outside of the water fund, the fire department was the only other department to see its bottom line drop and that was mainly due to the addition of a new rescue unit and other improvements made by the department. It spent nearly double its $17,000 in revenue with $32,125 in expenditures to drop the overall balance to just over $70,500.

For a complete look at the numbers see the city financial statement in its entirety on Page 11.

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