Extra reserves: City has significant funds in case of emergencies

HARLINGEN — Officials have amassed cash reserves significantly surpassing amounts needed to operate the city during emergencies.

The city has a general fund balance of $15 million, enough to operate all departments for 143 days, the city’s annual financial audit shows.

The state recommends governments maintain fund balances to operate for 90 days in case of emergencies.

“It reflects a healthy trend and improvements in your fund balance,” Quentin Anderson, an auditor with Long Chilton certified public accountants, told city commissioners Wednesday. “That reflects healthy maintenance of some reserves.”

Auditors presented the city’s 2015 annual financial audit, showing general fund revenues of $48.1 million.

“Each report reflects well of the city as a whole and the finance department as a whole,” Anderson told commissioners at a special meeting.

For the rest of this story and many other EXTRAS, go to our premium site, www.MyValleyStar.com.

Subscribe to it for only $6.99 per month or purchase a print subscription and receive the online version free, which includes an electronic version of the full newspaper and extra photo galleries, links and other information you can’t find anywhere else.