By Mason W. Canales
Killeen Daily Herald
NOLANVILLE - Council members were told Thursday that the city was in good financial standing for the 2009-10 fiscal year.
Donald Allman, a CPA, presented a summary of the results of an annual audit on the city's finances.
"The 2009-10 was a very good year for Nolanville," Allman said after announcing the city's fund balance for the year increased by about $396,000.
Allman said the feat was impressive since just two years ago, the city had a negative fund balance; for 2009-10, the fund balance was about $500,000.
According to the audit, sales tax revenue increased, but total revenue dropped by about $100,000 for a total of $1.4 million during the 2009-10 fiscal year. Despite this loss, the city had increased savings, Allman said.
"The city's overall financial position improved greatly during the fiscal year of 2009," the audit stated.
Allman recommended the city create a debt service fund bank account to handle its outstanding debt payments, which total about $1.64 million, mainly because of the 10th Street Project, which was completed in 2009.
The council also:
Appointed an election judge for the May 14 election.
Partnered with the Killeen Independent School District and Central Texas College to conduct elections for the district and the college in the city.
Received an update about the laser geographic survey.
Contact Mason W. Canales at email@example.com or (254) 501-7554. Follow him on Twitter at KDHheights.