An annual audit of Carson City finances by an independent auditor has found no significant issues with the city's financial management and revealed a number of financial highlights for the fiscal year ending 2010.
The Kafoury, Armstrong and Co. audit found that the city's net assets increased
$29 million over the fiscal year ending 2009, but that liabilities increased $7.3 million, primarily as a result of highway and road projects.
"One of the audit hits we took came from taking over the roads from the state and the paperwork involved," said Carson City Finance Director Nick Providenti. "We are required to put a value on the land and on the roads that were relinquished by the state."
In governmental activities for the year, revenues were up from $80.6 million in 2009 to $103 million in 2010. Expenses, however, also increased from $81.5 million to $90.4 million.
The biggest piece of the revenue pie came from capital grants and contributions - which were up significantly this year - with 24.4 percent. Coming in second were property taxes at 19.9 percent, and third were consolidated taxes with 16.9 percent.
Other taxes, operating grants and contributions, charges for services, unrestricted investment income and miscellaneous revenues made up the rest.
Under expenses, public safety was the biggest cost for the year with $30.8 million. General government cost $13.1 million, and tying for third were public works along with culture and recreation for $9.7 million each.
The general fund balance for 2010 was lower than it has been in at least five years. The city ended the year with only $6.5 million. The amounts in previous years have been: $11.5 million in 2009; $14.3 million in 2008; $11.7 million in 2007 and $10.9 million in 2006.
"Those numbers reflect the current economy," said Dan Carter, project manager for the auditing firm. "Carson City is faring fairly well with no major concerns."
In other action Thursday, supervisors:
• Approved a legislative Bill Draft Request prepared by Carson City District Attorney Neil Rombardo making precursor drugs to methamphetamine, such as ephedrine and pseudoephedrine, prescription only.
• Heard a report from City Manager Larry Werner about a business impact statement on the proposed lodging tax increase. At this juncture, there are differences of opinion as to the use of the 3 percent hike. Some want 2 percent to go to sports and recreation and 1 percent for special events, but agreement has not been reached.
"We're hearing that's not what people are looking at now, so we won't do anything on the 20th because we're not sure of that use," Werner said.
• Denied an appeal by homeowner Paul Eastwood of a planning commission decision to grant a special use permit to the school district to build an array of solar panels behind Seeliger Elementary School on South Saliman Road.
• Appointed William Prowse and Robert Parvin to serve on the Audit Committee as members-at-large for two-year terms ending December 2012.
• Appointed Lacy Sheck to the Carson River Advisory Committee for a three-year term expiring January 2014.
• Adopted a resolution approving an interlocal agreement between Carson City and Storey County for the services of the Carson City Public Guardian for adult wards in Storey County. That county will pay the city $15,000 a year for the service.
• As the Liquor and Entertainment Board, approved Silvya De La Rosa as the liquor manager for Kei Sushi at 3220 Highway 50 East, Suite 4. De La Rosa told the board the business was expected to open in 30 about days.