Saturday, August 23rd, 2014
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Tuesday, 08 July 2014 08:53

Cambridge revenue exceeding estimates, auditor says

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Finance Committee reviewed mid-year report on Monday night

CAMBRIDGE, Ohio -- The Cambridge City Council Finance Committee got some good news from the City Auditor's mid-year finance report on Monday night.

Auditor Suellen Johnson says most of the city's estimates are in line with actual revenue, with most on the positive side of the ledger. Items in the red are minimal and are not cause for concern. One new source of revenue, in fact, is generating a little more income than anticipated. Johnson explains:

Estimated revenue was expected to be less than $3.7 million at this year's mid-point, while actual revenue is over $4.35 million - around $650,000 more than anticipated.

The auditor did note that income tax received so far is well over estimate; however, the bulk of the municipal tax is collected on April 15. The remainder of the balance coming in in quarterly payments through the end of the year that will even the numbers out around the projected estimate.

Overall, Johnson says the budget is a positive and the city looks to be in a good financial position for the rest of this year.

Finance also had one other issue to consider: giving Code Enforcement Officer Kim Conrath permission to advertise for bids for two homes that have become city property. One of the homes, on North 5th Street, was forfeit to the city as a result of the former owners involvement in drug trafficking. The other home is located in east Cambridge on North Avenue. Advertisements for bids will run for five weeks before the city will begin to accept submitted bids.

These and other matters will come before the next full meeting of Cambridge City Council on Monday, July 14.

Bill Cassler

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