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Posted: August 18, 2010 12:00 a.m.

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Auditors: Oxford in good financial standing

The city of Oxford is in good financial standing according to a report released by Treadwell, Tamplin & Co. at Monday night’s work session.

"At least this one doesn’t feel like I’m preaching at a funeral like some of these have," said Wayne Tamplin. "There’s been some pretty ugly numbers we’ve had to deal with in some locations, but fortunately I can say that ya’ll don’t have the problems many other places have."

The city’s six-year plan shows that assets have grown over the last few years and continue to remain solid. The current general fund assets show $720,000 at the end of the year with a liability to the city at $30,000 — a 24-1 current ratio.

The revenues for the six-year period do show a slight decline starting around 2006, but Tamplin said it was indicative of what is happening in the economy and he had high hopes the trend would not continue.

He also said that general property taxes had not been affected in Oxford as much as they had in the county and that the city did not depend on those taxes "that much."

The electric fund assents were a little more than $3 million with a liability of $204,000 — a 17-1 ratio; and the water fund’s assets were over $1 million with a liability of $130,000, which is an 8-1 current ratio. Solid waste is still a subsidized fund in Oxford and last year’s subsidy wasn’t as high as it has been in the past.

"Our revenues are not as strong as in prior years, but even with that decline in the revenue, we’re been able to maintain a decent level of profitability," said Tamplin.

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