Posted: Apr 30, 2013 7:49 AM by AP
Ruston Mayor Dan Hollingsworth says the city remains in good financial shape despite experiencing stagnant sales tax collection.
The News-Star reports an audit found the city's actual general fund revenues fell short of the total budgeted revenues by more than 5 percent.
State law requires a municipality to amend its budget when actual revenues within a fund fall short of budgeted revenues by more than 5 percent or actual expenditures exceed budgeted expenditures by more than 5 percent.
Total revenue in the city's governmental activities fund was $21.4 million, compared to total expense of $24.4 resulting in a decrease of $2.9 million in total net assets of governmental activities. The city transferred $1.9 million to offset the decrease, resulting in a $992,565 shortfall in that fund.