State audit pinpoints '04 finances in Hubbard
Net assets decreased by more than $750,000.
HUBBARD -- A state audit of Hubbard for the year ending Dec. 31, 2004, pinpoints a few areas of declining assets or revenue.
There were no findings for recovery. The report notes key financial highlights for 2004:
UTotal net assets of the city decreased $770,023 from 2003. These are assets of governmental activities and business-type activities.
UGeneral revenues accounted for $2,114,152 or 74.27 percent of total governmental activities revenue. Program-specific revenues accounted for $732,556 or 25.73 percent of total governmental activities revenue.
UHubbard had $3,176,187 in expenses related to governmental activities; $732,556 of these expenses was offset by charges for services, grants or contributions. The remaining expenses of the governmental activities of $2,444,631 were offset by general revenues (primarily property taxes, income taxes and unrestricted grants and entitlements) of $2,114,152.
UThe general fund had revenues and other financing sources of $2,148,317 in 2004. This represents an increase of $24,103 from 2003 revenues. The expenditures and other financing uses of the general fund, which totaled $2,246,133 in 2004, decreased $152,262 from 2003. The net decrease in fund balance for the general fund was $97,816.
UThe street construction and maintenance fund had revenues and other financing sources of $598,724 in 2004. This represents an increase of $41,914 from 2003 revenues. The expenditures of the street construction and maintenance fund, which totaled $587,618 in 2004, increased $70,284 from 2003. The net increase in fund balance for the street construction and maintenance fund was $11,106.
UNet assets for the business-type activities, made up of the Water, Sewer, Electric and Guarantee Trust (utility connection deposits) enterprise funds, decreased in 2004 by $385,505. This decrease was due primarily to a lack of capital contributions from developers for water and sewer lines.