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Financial Facts and Figures
Investments & Interim Deposits & Pooled Cash
The City of Ashland's investment portfolio consists of a size of approximately $10 million. This portfolio is in compliance with the city's investment policy.
The city's investment objectives are:1) Safety, 2)Liquidity and 3) Yield
The Ohio Revised Code requires the City Treasurer to attend mandatory continued education training to be in compliance with section 135 of the Ohio Revised Code.
As of December 31,2007, the average maturity of the investment portfolio is 300 days.
Active Cash Deposits - The cash balance is what is used to pay the City's bills such as payroll, material supplies, utilities, capital outlay and miscellaneous.
As of December 31, 2007, the City of Ashland beginning balance for all funds was $10.58 million and has collected $47.94 million and spent $47.44 million and the amount in contracted out is $1.183 million. The ending balance as of December 31, 2007 is $9.89 million.
Beginning Balance $ 10.58 million
Revenue Collected + 47.94 million
Expenses - 47.44 million
Contract Expenses - 1.183 million
For all City funds the Ending Balance is $9.89 million as of December 31, 2007.
General Fund is the chief operating fund for the city. Here is the status of the General Fund as of December 31, 2007.
Beginning Balance $ 1.72 million
Receipts + 10.67 million
Expenses - 10.39 million
Contract Expenses - .112 million
Ending Balance 1.88 million
Debt- City of Ashland has General Obligation Bond Anticipation Notes and General Obligation Bond. The Security Exchange Commission (SEC) and Ohio Municipal Advisory Council (OMAC) monitors the City of Ashland debt status on an annual basis.
Current 2007 Debt Amount is $22.79 million of which $1.28
million will
be paid off in principal leaving the year end project debt balance to
be approximately $21.50 million.
Credit Rating- Moody's is the
credit rating agency which determines the financial credit status which
was performed November 2003. The City's rating from 2003 was A1.
Basic Finance Functions-
Preparation of the annual tax budget and appropriation, preparation of
the 5 year capital improvement plan, preparation of the annual
financial report in conformance with generally accepted accounting
principles and the Governmental Accounting Standards Board. Provide
accurate records of all monies received and expended. Prepare city
payroll and maintain all records associated with payroll. Other duties
include the collection of Ambulance and Miscellaneous Billings,
Inventory, Fixed assets, Auction, Grants Management, Accounts Payable
and Accounts Receivable, Banking and Deposits.
2007 Annual Finance Division Facts &
Figures -
Currently 49% of city employees participate in the direct deposit
payroll process. There were over 3,941 receipts deposited 3,149
ambulance and miscellaneous billing generated, 6,419 vendor checks
processed, 656 purchase orders executed in the Finance Division.
Finance Division
206 Claremont Ave.
City of Ashland, Ohio 44805
419-289-8170
Monday - Friday 7:30 a.m. to 4:00 p.m.
© Copyright 2006
Designed by Trent Dravenstott & John Fox
206 Claremont Ave.
City of Ashland, Ohio 44805
419-289-8170
Monday - Friday 7:30 a.m. to 4:00 p.m.
© Copyright 2006
Designed by Trent Dravenstott & John Fox