Southern Utah News Articles
Top Stories for February 17, 2010
Kanab City financial status
Kanab’s accounting firm of Hinton and Burdick gave Mayor Laycook and the Kanab City Council a report on the city’s financial status for the fiscal year ending June 30, 2009. Mike Spilker and Steve Palmer stated Kanab had “a very healthy general fund cash balance of $936,747” at the end of the fiscal year.
The general fund had a 32% growth in revenue over the past five years. General funds are expected to break even over the course of time, and Kanab’s fund was over expectations from 2005-2007, largely due to the sale of the Coral Cliffs Golf Course, but under projections in 2008-2009, with the $2,183,000 cost of the Cowboy Watering Hole swimming pool. Kanab actually had expenditures exceed revenue by $914,629 in 2009, partly in order to reduce the excess fund balance of $598,000 as a result of the golf course sale. Revenue funds must be spent by the city for city services and community improvements within a reasonable (generally five year) span of time from their collection.
The water fund had a 46% growth in revenue and showed a strong restricted cash position of $529,000 to cover the debt/service fund and customer deposits.
Total net assets for Kanab was $14.38 million on June 30,2009. A copy of the actual report can be requested at the Kanab City office.
Resolution 2-2-10R describing the various assignments given the members of the city council was adopted and for those interested can also be found at the city office.
Councilman Ed Meyer reported the Utah Department of Communities and Cultures is planning a Heritage Project centering on Kane County and Kanab this year. The department wanted a central contact for the project in the community and the Center for Business and the Arts based in Kanab will fulfill that role, with Meyer representing Kanab as adopted by resolution 2-1-10R.
The council voted to enter a cooperative agreement with the Kane County Water Conservancy District to work together on issues associated with the proposed Jackson Flats Reservoir to be situated on 60+ acres north of the road to the dumpsite.