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Canton reports $318,868 year-end cash; Water Fund hit by $30,000 Well No. 1 repair
Summary
The city reported year-end cash of $318,868 and reserve funds of $313,907 for 2021. The nearly $50,000 General Fund gain reflects American Rescue Plan Act funds; the Water Fund showed a more than $15,000 loss after an unexpected $30,000 repair to Well No. 1 depleted reserves.
Clerk Brock Bergey presented the city’s 2021 internal financial report at the Feb. 9 Canton City Council meeting, reporting year-end cash balances of $318,868 and reserve fund balances of $313,907.
Bergey said General Fund expenditures were $264,459 against revenues of $314,150 for 2021, producing an almost $50,000 gain that includes American Rescue Plan Act funds. He reported the Water Fund experienced a loss of more than $15,000 in 2021 after an unexpected $30,000 repair to Well No. 1 depleted Water Fund reserves. Bergey noted the Sewer Fund showed a $10,500 gain in 2021 but cautioned that the absence of a bond payment in 2021 affects that figure; had a bond payment been due the Sewer Fund would have shown an approximate $10,000 loss.
Bergey said final presentations on the employee wage study and the preliminary engineering report on water and wastewater systems are expected in March. The complete 2021 financial report is available on the city’s website.
