Fund balance shows good financial standing

By TONY VINDELL
Special to the NEWS

An annual comprehensive financial report for the City of San Benito shows the municipality as being in good standing due to its fiscal management.

A report prepared by the accounting firm of Cascos & Associates shows the city making more than $703,000 in revenues over than what was projected. The report was for the 2020-21 fiscal year.

The city has budgeted to make more than $13.2 million but it ended up making more than $14 million. As for expenses, the city budgeted to spend more than $14 million but wrapped the year paying more than $12.2 million – a difference of more than $1.8 million in savings.

Carlos Cascos of the firm described the report as good as the two positive variances shown resulted in an increase in the city’s fund balance.

In other business, Belen Pena gave a report on the city’s latest financial statement for the period ending Feb. 28, 2022. The balance sheet shows more than $17.9 million in assets, compared to more than $17.2 million for the same period a year ago.

The report shows liabilities of more than $3 million.

As for revenues, the city made more than $1.6 million against expenses of more than $968,000.For the year-to-date figures, the city made more than $8.3 million in revenues and spent more than $5.3 million.

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