By Alix Kunkle
Junction City Daily Union
(TNS) GRANDVIEW PLAZA -- Even with some major expenses in 2014, Grandview Plaza's finances still are looking strong.
This year, city officials allocated funds for several major purchases, the most prominent of which being the purchase of 17 acres of land to expand the city's lagoon system in the amount of $136,000.
Despite that, CPA Dan Hoffman, with Pottberg, Gassman and Hoffman Chartered, told City Council members Tuesday even with those purchases, things are looking up.
"You're still sitting in pretty good shape," he said. "I think you're doing good."
At the beginning of 2014, the city unencumbered cash balance was $995,100. As of Nov. 30, that same balance was $834,217, but $136,000 of that was used for the land purchase.
He found no major problems in the city's audit, which is intended to provide an in-depth review of the city's financial accounts for the most recent year.
There are a few minor things Hoffman found, though many of those have been rectified. That included the drug seizure account being a month behind in reporting, as well as some interest on the CD that wasn't recorded. Another issue was Hoffman wanted to see some added securities to cover the city's bank accounts beyond what the federal government protects.
One positive, however, was the city's outstanding debt. At the beginning of 2013, the city's debt was $770,000. By the end of 2013, it was down to $689,000, and while he didn't have an exact figure at Tuesday's meeting, he suspected it was even lower.
"You're knocking that debt down pretty good," Hoffman said.
Public Works Director Jerome Thomas had inquired to Hoffman whether city officials should look at paying off the outstanding balance on a skid loader the city acquired through a lease-purchase agreement earlier this year.
But Hoffman said it might be wise to wait before considering such a move.
"I would probably just wait and let your cash flow build up," he said.
(c)2014 Junction City Daily Union