By MICHAEL RODRIGUEZ
Managing Editor
editor@sbnewspaper.com
The City of San Benito released its annual report Friday, in which its net assets in fiscal year (FY) 2010 rung in over $40 million, an increase by the hundreds of thousands compared to the year prior.
Total revenue reported for the year was $20,641,031 while the programs and services costs reached $19,920,971. The city’s combined net assets, the report read, were $40,398,518 for FY 2010, an increase from 2009’s recorded $39,678,458. This followed a period during last year’s budgeting process in which a multi-million dollar shortfall prompted elected and administrative city officials to budget conservatively based on projections of fewer dollars generated in sales tax, user fees and Free Trade Bridge revenues.
Also reported was the maintaining of the city’s A- rating by Fitch Ratings, a Standard & Poor’s upgrade from a BBG+ rating to an A-, and $19,050,239 in combined new construction starts; the latter of which is a significant boost from the $4,474,776 recorded in 2009. What’s more, city leaders hailed “determination and careful planning” which “paid high dividends in receiving a ‘clean’ audit.”
For more on this story, pick up a copy of the April 17 edition of the San Benito News. Or view our E-Edition by clicking here.
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