Cumberland Times-News

Local News

February 12, 2013

City’s finances are improving, says audit, but a long way to go

Report: Deficit reduced by $800,000, $1.2M positive change

CUMBERLAND  — The city’s Comprehensive Annual Financial Report is showing some improvement in city finances, but there remains a long way to go, city officials said Tuesday.

Findings of the annual audit were presented at Tuesday’s city council meeting at City Hall by Joe Urban.

The city’s deficit was reduced by $800,000, and there was a $1.2 million in positive change in the fund balance, Urban said. The sewer income once again showed a shortfall, which is the reason sewer rates had to be increased last year, Urban said.

“A 1.2 million dollar savings can’t be overstated,” said Councilman David Kauffman, who congratulated city staff for their work.

Councilman Nick Scarpelli asked Urban about the status of the cash reserves and future goals.

Urban said, “We’re trying to build the reserves,” but something of a decline was expected because of fluctuations in tax revenue throughout the year.

Urban said that $2 million to $4 million “is a good reserve.”

The city has two more years to build reserves before debt payments will have to be increased by the city to pay for a restructured debt.

The city has been making moves in the past year to shore up finances by continuing to look for large savings by refinancing some of the $18 million in debt the city carries.

A recent refinancing of $1.7 million in debt from a 6 percent rate to 4.7 percent is expected to save more than $400,000, according to the city.

Revenues are looking to be gained by the city from its new employee health care package, which goes live on March 1.

Property taxes still remain the city’s largest source of income, at about $10 million annually. Water supply adds $5 million and sewer charges about $6.8 million each year to the city’s coffers.

In other matters, council approved an order accepting  a proposal from the EADS Group for professional services associated with the demolition of buildings on the Memorial Hospital Campus in an amount not to exceed $175,000.

Because the city has worked with them on the campus before the company “has a unique insight and perspective,” City Administrator Jeff Rhodes said.

“Demolition sequencing is critical. It’s something we need to get right the first time,” he said.

Contact Matthew Bieniek at mbieniek@times-news.com. Staff writer Greg Larry contributed to this story.   

 

1
Text Only
Local News
  • Overturned tanker upsets Oakland Overturned tanker upsets Oakland

    OAKLAND — Two large commercial wreckers were being used at mid-afternoon Wednesday to upright a tanker full of liquid propane that overturned several hours earlier in downtown Oakland and forced evacuation of the business district.

    April 16, 2014 1 Photo

  • Park Service opens Canal Classrooms Park Service opens Canal Classrooms

    CUMBERLAND – The National Park Service held a ribbon-cutting event Wednesday for a new program called Canal Classrooms, which will offer students pre-K through fifth grade accredited classwork on the Canal Place grounds.

    April 16, 2014 1 Photo

  • CODY EVERSOLE Eversole named 2014 Kelley Award winner

    KEYSER, W.Va. — Keyser High School senior Cody Eversole was named this year’s J. Edward Kelley Award winner during a ceremony Wednesday morning at Potomac State College.
    The award is presented to an outstanding male student-athlete in each year’s senior class.

    April 16, 2014 1 Photo

  • South Cumberland home rebuilt after fire South Cumberland home rebuilt after fire

    CUMBERLAND — A South Cumberland home destroyed by fire last July was given a second chance recently after the owner decided he wanted to remain a part of the neighborhood and had his house rebuilt.

    April 16, 2014 1 Photo

  • School vaccination requirements change

    April 17, 2014

  • Mineral BOE gives $18K to library

    KEYSER, W.Va. — The Mineral County Board of Education voted unanimously Tuesday to give the Keyser-Mineral County Public Library $18,000 for fiscal 2015 and to give the Piedmont library an additional $1,000 out of carryover funds.

    April 16, 2014

  • The Eichhorn family Local family says hosting New York City children in summer is ‘wonderful experience’

    CUMBERLAND — Sonya and Christopher Morgan of Cumberland always planned on a hosting a child through The Fresh Air Fund Volunteer Host Family Program. “Christopher always said once we had kids of our own we were going to do it. When our son turned 6 we said, ‘OK, let’s do it,’” said Sonya.

    April 16, 2014 2 Photos

  • City, county officials to talk baseball at work session

    CUMBERLAND — During today’s Allegany County Commission work session, a proposal to study the possibility of bringing a professional-level baseball team to the area will be vetted again, this time with participants from the city of Cumberland.

    April 16, 2014

  • Report: High-quality child care lacking in West Virginia

    CHARLESTON, W.Va. (AP) — Child care programs of minimum or unrated quality are watching over about 93 percent of West Virginia children enrolled in them, a report released Wednesday said.

    April 16, 2014

  • JIM HINEBAUGH Hinebaugh seeks Garrett County commissioner post

    Jim Hinebaugh recently announced his candidacy for Garrett County commissioner. A Garrett County native and lifelong Republican, Hinebaugh graduated from Southern High School and attended Frostburg State University before entering the U.S. Army via the draft. After serving as an enlisted member, Hinebaugh completed Officer Candidate School and was commissioned as a second lieutenant. He retired as a colonel/06 in 1995 with almost 29 years of service including eight years overseas.

    April 16, 2014 1 Photo

Facebook
Must Read
News related video