Morris auditor: City finances are up
By Sarwat S. Ahmad For The Herald-News October 17, 2012 6:58PM
Updated: November 19, 2012 3:35PM
Morris ended the last fiscal year with a positive balance in its general fund, continuing a positive trend from last year, according to an annual audit report.
Overall the city had $24.9 million in hand as of April 30, the end of the last fiscal year, up $1.8 million from $23.1 million last year.
City Auditor Bill Crawford said the city’s general fund ended last fiscal year with a balance of $5.5 million, up $1 million from the previous year.
Crawford attributed the increase in the general fund to about $80,000 per month in revenue that the city has been receiving from a new taxpayer since last year.
In September 2011, the city received an $800,000 windfall from the Illinois Department of Revenue for back taxes from an unnamed business.
Property tax revenue, however, dipped slightly to $1.37 million from $1.44 million the previous year because property values have continued to drop, Crawford said.
The city’s TIF, garbage and water and sewer funds also finished with surpluses, Crawford said.