Audit shows Locust Grove in the black

The financial position of Locust Grove’s city government has been strengthened over the past year, according to a draft of a 2018 audit document approved by the City Council at its Aug. 5 regular meeting. As of Dec. 31 of last year the city’s assets exceeded its liabilities by $32.6 million, an increase of $3.9 million in its net position over the end of 2017. The city’s governmental funds reported combined fund balances of nearly $6 million at the close the year, $1.4 million more than the previous year. The unassigned general fund balance of $3.7 million was 80 percent of the total general fund expenditures for 2018. Debt obligations dropped nearly $1.2 million to about $6.1 million by year’s end, and the city made principal payments of more than $700,000 on its long-term debt. Complete financial details can be seen on the city’s website.