Richmond Finance Committee member Don Jaynes gave his opinion Friday as to how the city can get a more accurate view of its financial status.
The report reviewed by the committee each month shows current month total expenses for each city department. That number is compared to a year-to-date expended amount.
This layout, however, does not give an accurate reflection as to how that particular department and the city as a whole stands at this particular time, according to Jaynes.
“I have no idea where this city stands on a month-to-month basis,” he said. “I could not operate my business like this. We’re comparing to a year that we don’t know anything about.”
Richmond Finance Director Mike Broyles said a month-to-month comparison could be done by preparing an Excel spreadsheet and that he would begin working on it.
According to Broyles’ monthly finance report, the city’s net income for the month ending Sept. 30 is down $977,500.16 for the month. That results in a year-to-date net income loss of $920,767.20.
At the end of September, the city’s revenue was $4,933,826, which is a $876,466 decrease from Sept. 30, 2009, according to the report.
The expense total at the end of September was $5,854,593, which is a $1,116,481 decrease from the same time last year.
As of Sept. 30, the city’s payroll tax income had decreased by $30,791 and property taxes collected decreased by $9,604 when compared to the same time last year.
September is not a strong revenue month, Broyles said.
Most taxes are collected from October through December, he said.
As for investments, the city has $1,037,855.78 in total investments, including $500,000 in CD investments.
The next meeting of the Richmond Finance Committee is scheduled for 1 p.m. Friday, Nov. 19 at city hall.
Those who attended Friday’s meeting, aside from Broyles and Jaynes, were commissioners Bill Strong and Rita Smart, commission candidates Donna Baird and Bobby Johns, Interim City Manager Jimmy Howard, Mayor Connie Lawson and Richmond City Clerk Lisa Cassity.
Ronica Shannon can be reached at firstname.lastname@example.org or 624-6608.