City Hall's balance sheets for the first quarter of this budget year aren't looking great, says a report from the City Council auditor's office that found "many of the city of Jacksonville's various sub-funds ... are financially strained."
The city's general fund, its largest pot of money, was projected to take in $5.1 million less than originally forecast for 2012, according to a report circulated Wednesday. Most of that was because of shortfalls in property taxes.
Although the city is also spending less than expected, the fund still ended up with a $1.3 million projected shortfall.
Of another 29 sub-funds the auditors checked, eight were running lower on money than expected.
"We are concerned regarding the cumulative negative effect of these sub-funds on the overall financial condition of the city," the report continued.
In case Mayor Alvin Brown needed advice, the auditors added: "The Administration is not proposing legislation to reduce revenue and expenditure budgets, although we believe it would be prudent to do so."
Read the report here.
LINK: http://jacksonville.com/opinion/blog/403455/steve-patterson/2012-02...#
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