GRETNA, LA (AP) — Auditors say Gretna's financial position is solid and the Jefferson Parish city has made strides in reducing its debt.
Ed Camnetar of Camnetar & Co. told the City Council this past week that only a revenue shortfall in capital projects budgeting was of concern.
NOLA.com/The Times-Picayune’s Andrea Shaw reported Gretna's net financial position increased $4.5 million in 2014 over the previous year. Revenue declined $2.5 million, but Camnetar said the decrease reflected projects financed with grants that had been completed.
Recurring revenue, including property and sales taxes, fines and service fees, rose $1.6 million, while ongoing expenses dropped $357,000.
Gretna's general fund had a fund balance of $11.4 million, with $4.2 million not obligated.
Meanwhile, the city's debt dropped $1.4 million, to a total of $17.8 million.
The only finding of concern reported in the audit dealt with a $217,586 — or 12 percent — revenue shortfall in the capital projects budget. The city is required to amend its budget to reflect changes, Camnetar said.
