For the second year in a row, the City of Statham propped up its General Fund in 2014 finances by moving money from its Water & Sewer Fund to cover for overspending.
According to the town’s recently released audit, Statham moved $316,300 from its W&S Fund to shore up the town’s beleaguered General Fund. Without those funds, the town would have shown a loss of $162,300 on the year.
In 2013, the city did the same thing by moving $231,200 from the W&S Fund into the General Fund. At the end of 2012, the town’s General Fund reserves had dropped to under $100,000 due to overspending in the previous three years.
At the beginning of 2010, Statham had nearly $500,000 in reserves, but increased spending and flat revenues forced the city to use up much of those reserves between 2010 and 2012.
Due to the transfers in 2013 and 2014, Statham had reserves of $330,000 at the end of last year in its General Fund.
Now the question is, can the city continue to take money from its W&S Fund to underwrite its General Fund spending?
After making the transfer in 2014, the town’s W&S Fund showed a loss and left that fund with only $262,000 in unrestricted reserves.
Statham covers spending with transfers
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#1
joe hayes
on
08/15/15 at 08:55 PM
[Reply]
robbing Peter to pay Paul? The fall of Statham is going to be a hard one.
#2
money man
on
08/17/15 at 01:30 PM
[Reply]
Maybe the city of Statham leaders need a Dave Ramsey course.
#3
kelly pickens
on
10/10/16 at 02:55 PM
[Reply]
the city of statham is doing more than robbing peter the police dept seems to be raising a butt load of revenue writing questionable tickets to middle aged and older females driving late model cars; check out our petition at stathamarrest.weebly.com
