For the fourth year in a row, Auburn’s city government has finished its fiscal year in the red. The city spent $553,000 more in its general fund than it took in during FY2011 and $445,000 more from its SPLOST account than it took in. The SPLOST account was left with a negative reserve balance of $116,400.
Last year, the city was in the red $900,000; in FY2009, the red ink took $630,000 and in FY2008, the city was $746,500 in the red. The city had built up a very large amount of reserves during the boom years, but since the recession, it has been eating away at those dollars to support the recent years of shortfalls.
The city’s General Fund account saw its reserves drop to $1.3 million at the end of the year, down from $1.9 million in FY2010. At one time, the city had over $3.5 million in reserves.
For the full story, see the April 25 issue of the Barrow Journal.