In a time when most local governments are grappling with lagging revenues and cost hikes, City of Gaffney officials did the nearly impossible — increased its fund balance during the past fiscal year.

An audit presented by Ben Kochenower at Friday’s finance committee meeting revealed the city’s fund balance — the difference between assets and liabilities — increased from $3,156,490 at the start of the fiscal year 2008-’09 to $3,272,441 at the end of the same fiscal year.

“You basically broke even,” Kochenower said.

A look at the audit showed general government revenues generated $10,221,294 for the city during fiscal year 2008-’09, while total expenditures were $9,801,901.

Public safety departments, namely police and fire, gobbled up nearly half of the expenditures. nearly half of the expenditures.

Total net assets grew for the city by $557,709 during the past fiscal year. Some of the increase was a result of upgrades to city parks and the purchase of additional real property.

According to city administrator James Taylor, the city has operating expenses of about $750,000 a month, with most of the money earmarked to meet payroll.

Near the end of the meeting, Kochenower suggested city officials consider setting up a separate account for the closure costs incurred at the city’s C&D landfill. Those closure costs total about $400,000 a year.

Kochenower also advised city officials to document the capital needs for each of the city-owned buildings since the value of the city’s capital assets, such as buildings and equipment, are based on historical figures and don’t take into consideration the cost of replacing items like flooring.