From Staff Reports
The city of Murphy approved the audit of fiscal year 2014-’15 books that show its unassigned general fund balance increased by almost $1 million over what had been projected for the year.
The audit, prepared by Pattillo, Brown and Hill, was presented at the March 1 council meeting by Finance Director Linda Truitt who noted that 36 percent of the increase was due to various personnel vacancies during the year.
Overall budget last year was $34.6 million, of which $13.31 million was allocated to general fund expenses. The remainder went for capital improvement projects, debt service and utilities.
Unassigned general funds finished the year at $3.96 million, or about 32 percent of the total general fund expenditures. Cities and other governmental entities generally keep funds in reserve amounting to 25-30 percent of the general budget.
Truitt pointed out that general fund revenues were $431,366 under budget and revenue was $20,717 less than estimated.
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