The city of Raleigh has issued its Comprehensive Annual Finance Report, which assesses the city government’s financial health. The document includes financial figures audited by the public accounting firm Cherry Bekaert.
Raleigh’s total revenues in the fiscal year for 2013-2014, totaling $717 million. Expenses came in lower, at $630 million, creating a significant surplus. The report is embedded at the bottom of this article.
Compared to the previous fiscal year, revenue increased by 2.6 percent, while spending increased 7.9 percent. The report said the increase in expenses was the result of a “one-time reacquisition of downtown property” and increased spending on city employees.
Property taxes again were the largest source of revenues, at nearly 47 percent, followed by sales taxes at about 17.5 percent.
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In all, the city collected almost $6 million more than it forecasted in the year’s budget, while expenses came in about $31 million under budget.
Total long-term debt at the end of the fiscal year – June 30 of this calendar year – stood at about $1.5 billion.
The auditor’s report indicated no weaknesses, deficiencies or instances of noncompliance in any of the city’s financial reporting or controls.