Tuesday, June 7, 2011

Cooper City's Financial Status

Cooper City’s Financial Status

The city recently had a presentation regarding the Comprehensive Annual Financial Report (CAFR) for Cooper City. The results are not ‘pretty’. Below are some comments made by the Auditor and the City Manager.
You can view my comments regarding our future financial obligations HERE and you can view the ‘CAFR’ HERE.

Grau & Assoc, Auditor - “The unrestricted Enterprise Fund Net Assets increased from $4.2M to $6.3M in profit to the Enterprise (Water & Sewer) due to a decrease in accrued interest. Next year it will be more. You have a lot of money in this fund.”

Re: General and Enterprise funds “You have two funds going in opposite directions here” (regarding revenues and expenses).

“Cooper City actually spent more than it took in”

“There are not enough revenues coming in to cover expenditures”

“Revenues increased”

Bruce Loucks, City Manager - “Our BSO Contract is increasing exponentially.”

“Our utilities debt is increasing, and we (the City) will be funding projects in lieu of debt”

“Hopefully we won’t have debt for the $3.5M pump station that the city will be funding”

Also, now on the Cooper City website: Bids!

See all bids and their status here:
http://www.demandstar.com/supplier/bids/agency_inc/bid_list.asp?f=search&LP=BB&mi=1144348

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