According to Edgewood’s most recent audit, the city is “financially doing very well.”
Jim Sparrow, CPA at Rankin, Rankin & Company, gave his audit presentation for the fiscal year 2022-23 at the Edgewood City Council meeting on Monday evening and gave praise to council.
Rankin, Rankin & Company is an accounting service for the Northern Kentucky Chamber of Commerce and recently completed its analysis of Edgewood’s finances over the last fiscal year.
According to Sparrow, Edgewood’s cash balance at the end of the year was $2.23 million and that the ending investment balance was about $6 million, for a total of $8.23 million. Edgewood’s average tax revenue for 2022-23 was approximately $9 million.
Edgewood started the fiscal year of 2022 with a long-term debt of $3,859,000 but decreased it to $2,959,000 by the end of the fiscal year, about $900,000.
The city’s expenditures exceeded its revenues in the fiscal year. Sparrow cited that Edgewood’s total revenues were $11,850,000, while its total expenditures were $13,112,000, a difference of $1,262,000.
According to Sparrow, however, that deficit occurred because of capital outlay and road construction and improvement projects, which cost the city $3,249,000.
“Typically, you don’t have that much infrastructure improvements,” he said. “Your revenues and expenditures would be a closer match.”
City council has canceled its next two meetings on Jan. 1 and Jan. 15 due to federal holidays but will hold a special meeting on Monday, Jan. 22.