{"id":22330,"date":"2014-11-20T07:00:59","date_gmt":"2014-11-20T12:00:59","guid":{"rendered":"http:\/\/raleighpublicrecord.org\/?p=22330"},"modified":"2014-11-20T21:39:13","modified_gmt":"2014-11-21T02:39:13","slug":"financial-report-paints-a-rosy-picture-for-raleigh","status":"publish","type":"post","link":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/news\/city-council\/2014\/11\/20\/financial-report-paints-a-rosy-picture-for-raleigh\/","title":{"rendered":"Financial Report Paints a Rosy Picture for Raleigh"},"content":{"rendered":"
\"Perry<\/a>

City of Raleigh<\/p>

Perry E. James III<\/p><\/div>\n

Raleigh\u2019s Chief Financial Officer, Perry E. James III, presented to city council on Tuesday a document he described as \u201cthe most important financial report [of the] year.\u201d<\/p>\n

The Comprehensive Annual Financial Report (CAFR) includes financial data from 64 separate funds, a profile of the City of Raleigh, economic conditions and outlook of the city, revenues and expenditures of the 2013-2014 fiscal year broken down into categories, and a report by an independent auditor.<\/p>\n

Councilor Odom said at the Council session, \u201cThis one looks better than most I\u2019ve seen.\u201d<\/p>\n

The introductory section of the CAFR highlights that Raleigh has seen moderate population growth over the past five years, with a June 30, 2014 population estimate of 431,746. While unemployment within the city rose from 2010 to 2011, it has decreased significantly since then, coming in at 5.2 percent by June 30, 2014.<\/p>\n

\"population\"<\/a><\/p>\n

Raleigh receives more than\u00a010 million visitors annually for conferences, events, and other activities and the Convention Center alone held 219 events with approximately 481,500 attendees during a twelve-month period that ended on June 30, 2014.<\/p>\n

According to the report, \u201cThe Raleigh area\u2019s excellent business environment, its nationally ranked universities, and the outstanding health care facilities are some of the many attributes that attract people to the area.\u201d<\/p>\n

The report further states that \u201cimproving economic conditions, combined with diligent management of both revenues and expenses have allowed the City to maintain an excellent financial position and exceed fund balance objectives for 2014.\u201d<\/p>\n

\"Downtown<\/a>

kakissell\/Flickr Creative Commons<\/p>

Raleigh has a number of features that attract people to the area<\/p><\/div>\n

Revenues and expenditures were broken down into two primary categories: Governmental activities and business-type activities. Revenues for governmental activities included sales and property taxes, while revenues for business-type activities charges for services. Expenditures for those two categories included \u201cpublic safety\u201d and \u201cwater and sewer\u201d respectively.<\/p>\n

For the fiscal year ending on June 30, 2014, the city\u2019s revenues considerably exceeded its expenditures, by a total\u00a0just shy of $100 million. City revenues saw an increase of three percent over 2013; however, expenditures were up eight percent.<\/p>\n

\"revenue\"<\/a><\/p>\n

Also in the report is information about the city\u2019s 10-year Capital Improvement Program (CIP), which plans ahead for capital needs. Phase I, the first five years of the CIP, spans from fiscal year 2013-2014 to 2017-2018. The major areas targeted in phase one are transportation, public utilities, parks, housing, stormwater utility, technology and general public improvements.<\/p>\n

The City\u2019s financial documents were audited by Cherry Bekaert LLP, a firm of licensed certified public accountants. In the firm\u2019s own report contained within the CAFR, it states, \u201cIn our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City …\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The city of Raleigh’s revenues once again exceeded its expenditures, to the tune of nearly $100 million for the fiscal year ending June 30, 2014. <\/p>\n","protected":false},"author":1503513,"featured_media":22334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,15],"tags":[],"_links":{"self":[{"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/posts\/22330"}],"collection":[{"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/users\/1503513"}],"replies":[{"embeddable":true,"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/comments?post=22330"}],"version-history":[{"count":0,"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/posts\/22330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/media\/22334"}],"wp:attachment":[{"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/media?parent=22330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/categories?post=22330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theraleighcommons.org\/raleighpublicrecord\/wp-json\/wp\/v2\/tags?post=22330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}