The Transylvania Times -

City Addresses Local Government Commission's Concerns About Fund

 

Last updated 8/19/2020 at 4:05pm



The city of Brevard responded to a letter from the Local Government Commission (LGC) expressing concern regarding “indicators of financial weakness in the Water and Sewer Fund.”

The letter was addressed during a recent Brevard City Council meeting.

In the letter addressed to Mayor Jimmy Harris, the LGC said the fund reported a net loss and a negative cash flow, excluding transfers, for the fiscal year. Net cash provided from operations of $1,351,374 was insufficient to cover debt service of $1,673,464, the LGC reported.

Operating income declined over $200,000 (41 percent) since the p...



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