October Good Financial Month for City of Toccoa

The city of Toccoa receives a positive financial report.

Toccoa Finance Director Cathy Loudermilk presented that financial report at last Monday’s city commission meeting.

Loudermilk said that overall, October was a good month for the city’s finances.

She said that is due in large part to an increase in the city’s operating cash balances when compared to October 2012.

“We are over $625,000 better in the bank this October than we were last year,” said Loudermilk.

In October 2012, the city had just over $327,000 in operating cash balances.  This October, that number went up to over $952,000.

Loudermilk said the city also showed a net income of over $779,000 for the month of October, which pushed the city into the black for the fiscal year, which is one-third complete.

For the current fiscal year, the city shows a year-to-date net income of just over $15,000.

At this point in the year, the city still shows a loss in natural gas.

However, Loudermilk said that will change as the weather turns cold and notes that the city is doing better in the gas department when compared to past years.

“If you looked at your gas sales, you will see the numbers compared to this time last year are better,” said Loudermilk.  “We are selling more gas.”

For the year to date, the city has received $8.56 million in revenues and spent $8.55 million in expenditures.