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Southgate council approves June preliminary financials; finance director expects year-end surplus
Summary
Council approved June preliminary financials on a 5-0 vote; Finance Director/Treasurer Edgley reported a year-end surplus is expected and that Special Projects spending and planned capital expenses will reduce remaining reserves.
The Southgate City Council approved the June preliminary financial statements on Aug. 6 by a 5-0 vote after review by Council Member Hartman. The motion to approve was moved by Hartman and seconded by Council Member Okura.
Finance Director/Treasurer Edgley told the council that "there was a surplus expected for the end of the year," though he cautioned that several large expenses—air conditioners and generators—will deplete remaining funds and that the Special Projects line in the general fund is expended. A remaining balance from the KLC fund will be transferred into the general fund to cover upcoming costs, according to the finance report.
