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...