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Report: City has 2010 balance of $636M

As of the end of fiscal 2010, the city of Charlotte reported a positive balance of $636 million for all governmental funds, according to a comprehensive annual financial report prepared by the city’s finance department and released Friday.

At the end of the most recent fiscal year, the city’s assets exceeded its liabilities by $8.47 billion, a $244 million increase over 2009, of which $1.02 billion was unrestricted and able to be used to support city government operations and pay off debt.

Government revenues for fiscal 2010 were down 27 percent from fiscal 2009, from $1.89 billion to $1.56 billion, which the report attributed to decreased donations of infrastructure through annexation.

Program expenses, meanwhile, increased from $1.29 billion in 2009 to $1.31 billion in 2010. Transportation expenses, including streets and highways, airport and public transit, accounted for 31 percent of total expenses, and public safety, including fire and police, accounted for 24 percent.

The report also included a letter from the Raleigh-based firm Cherry Bekaert and Holland giving the city a clean audit.

The City Council will discuss the report at a workshop Monday.

Caitlin Coakley can be reached at caitlin.coakley@mecktimes.com.

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