The City of Gainesville's annual audit report was presented to the city council at its work session Thursday morning.
The auditing firm Rushton presented the audit for the fiscal year ending June 30, 2022.
According to the presentation given by Samuel Latimer from Rushton, the net position of revenues over expenses is $52,648,167. That is up from $44,712,648 in the previous year.
The revenue in the general fund decreased by 14.58% to almost $4.7 million.
“Several good reasons for that. You're familiar with the property tax, we had credits that we used against the property tax in fiscal year 22,” Latimer said.
Expenditures in the general fund decreased by 16.58% to $3.9 million. This is due to decreases in general funds for information technology, the police department and culture and recreation. According to the report, the top 3 expenditures in the general fund are the police at 34%, general government at 18% and public works at 17%.
The unassigned fund balance for FY 2022 is $18,969,739 which will go to crediting property taxes in FY 2023.
In FY 2023, the Governmental Accounting Standards Board issued Statement No. 96, Subscription-Based Information Technology Arrangements for the city in regard to conduit debt.
“That just means, when debt is issued for someone else, but the city is not responsible for those payments, we can make certain disclosures,” Latimer said.