CLEARLAKE >> An annual audit for Clearlake 2013/14 fiscal year revealed an overall increase in citywide revenues.
The increase, which totals approximately $255,000, is “a result of higher revenues in sales taxes and capital grants,” explained Terry Krieg, the Santa Rosa-based Certified Public Accountant responsible for performing the audit.
The audit shows that general funds for the 2013/14 fiscal year totaled a little more than $561,000, which is an increase of nearly $62,000, or approximately 12.4 percent. Of the general fund balance, a little less than $76,500 is non-spendable, while a total of $150,000 is allocated to self-insurance, a little more than $207,000 is committed to economic uncertainties and $127,600 is unassigned.
As for non-major funding, an increase of a little more than $8,000 was received as a result of ordinary operations within the funds, according to Krieg.
Altogether, the city’s total fund balance is a little less than $3.7 million.
The city’s net position, which includes all net revenue is nearly $32 million, which is an increase of nearly $927,000, or 3 percent.
Taxes account for 61.3 percent of the city’s revenue, of which sales tax generate 33.1 percent, property tax generates 10.9 percent and transient occupany taxes (TOT) generating 17.3 percent.
In addition to the audit, Krieg included a report to those in charge of governance, as well as a report on appropriations limit – which is required when federal funds exceed $500,000 in a given year.
In his report to those charged with governance, Krieg said no new accounting policies were adopted and no significant or unusual transactions were reported.
As for the appropriations limit, an increase of a little more than $369,000 was experienced. The total appropriation limit for the 2013/14 fiscal year totaled nearly $7.3 million.
During its March 12 meeting, the council allocated an additional $50,000 for economic uncertainties, according to Clearlake Finance Director Chris Becnel.
Contact J. W. Burch, IV at 900-2022.
