City receives glowing report from year-end audit
By LARRY HILLIARD Ledger Staff Writer larry@gaffneyledger.com

The City of Gaffney received a clean bill of financial health from a local accounting firm Monday.

Revenues outpaced expenditures by $75,000 for the financial year ending June 30, 2007, according to an audit conducted by Cline, Brandt and Kochenower.

Expenditures totaled $9,829,477, while the city generated $9,903,886 in total revenues for the 2007 fiscal year, the audit showed.

"You outperformed your budget in the range of $70,000," Kochenower told Gaffney City Council during his 5-minute report.

The police and fire departments gobbled up nearly half of the expenditures in fiscal year 2007.

On the revenue side, taxes and licenses were responsible for bringing in more than $6 million in FY 2007.

The city has a current fund balance of $3,098,457.

No deficiencies were discovered in the city's financial procedures and practices, Kochenower said.

Gaffney Administrator James Taylor praised the department heads and the financial department for the glowing report.

"They all did a real good job," he said.