Where’s the money?

HARLINGEN — The city has amassed an $18 million war chest capable of running the city for 150 days.

Since 2008, the city’s cash reserve fund has grown from $11 million to $18.4 million last year, the city’s annual financial report shows.

Earlier this week, auditor Quentin Anderson of the certified public accounting firm of Carr, Riggs & Ingram presented city comm-

issioners with the audit for the 2016-2017 fiscal year.

According to the auditors, “we did not identify any deficiencies in internal control that we consider to be material weaknesses.”

“I’m pleased with the comprehensive annual report,” City Manager Dan Serna stated yesterday.

“It accurately demonstrates that we are financially sound,” he stated. “It also shows that the mayor and city commission have made responsible decisions with the taxpayer’s money. They have put us in a great position that will allow us to continue to grow while still maintaining the services our residents deserve.”

During the end of the 2016-2017 fiscal year, the city’s total general fund revenues stood at $41.5, with total expenditures of $40.9 million.

While property tax revenue climbed to $18.3 million, up from $18.1 the previous year, sales tax revenue increased to $17.6 million, up more than 5 percent.

“The city is in a financially good position,” Serna said in an interview. “We’re being very fiscally responsible.”

Meanwhile, the city pumped $23.6 million — its biggest expenditure — into public safety, up from $22.9 million the previous year.

While the Economic Development Corporation’s total fund balance climbed to $5.4 million from $4.9 million, the Harlingen Community Improvement Board’s fund balance dipped to $5.5 million, down from $5.7 million the previous year.