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Manteca Inc. improves its bottom line by $39.2M

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POSTED May 8, 2017 12:55 a.m.

Politics and pressing needs aside, Manteca’s bottom line is healthy.

In fact it’s improved by $39.2 million.

That’s based on an independent audit conducted by Maze & Associates of the financial position of the city taken in a snapshot of the fiscal year ending June 30, 2016.

Viewed on a balance sheet just as one would a corporation or small business, the city had a net financial position of $523.3 million for the 2015-2016 fiscal year once all assets and liabilities were taken into account.

The net financial position is similar to a household listing all of its income, expenditures, outstanding obligation, and net value of assets such as a house and vehicles determined after factoring in what may still be owed on them and taking  depreciation into account.

The city’s net position is up $39.2 million from the previous fiscal year.

The net position of $523.3 million includes $481.8 million in capital assets in the form of the depreciated value of the city’s infrastructure that includes municipal assets such as the wastewater treatment plant, wells, water and sewer lines, the storm drainage system, streets, parks, golf course, streets, buildings such as the transit station and other assets.

It also reflects $200.5 million in the city treasury and $69.2 million of restricted cash held by fiscal agents. It reflects a net increase of more than $28.4 million over the previous year with the vast majority being a transfer of $29.7 million in unspent redevelopment bond agency proceeds that are restricted to specific projects.

The net position includes restricted funds of $139 million that can only be spent for specific purposes. In terms of general categories that includes $62.9 million for capital projects, $62.3 million for redevelopment projects, and $13.8 million that may be spent on other projects as specific by funding course restrictions.

The balance sheet also includes $84.3 million in unfunded pension liabilities and $14.2 million in other post-retirement benefits that are unfunded.

The comprehensive annual report is different than the budget. The city’s general fund budget for the 2015-2016 fiscal year was $33,044,575 for day-to-day government operations such as police, fire, planning, public works, street maintenance, parks and general government funded primarily by taxes on property and retail sales. The overall budget that includes the enterprise funds for water, sewer, and solid waste as well as specific funding that is restricted in how it can be spent collected from growth fees or secured in government grants came in at $143.7 million for the 2015-2016 fiscal year.

 

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com

 

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