Norfolk's "Profit" Down for the Year

NORFOLK - The city of Norfolk has received a clean audit for the fiscal year that ended September 30th, 2013.  Director of Financial Services Randy Gates says that means the city’s financial records are in good order.  Gates talked about the audit and the city’s financial position at this week’s meeting of the Mayor and City Council. Gates says that the city saw a gain in assets last year of $3.9 million, compared with a net gain of $5.9 million the year before.  Gates says some of the decrease in the city’s “net profit” was caused by the $500,000 refund of Use Tax to Tyson’s and an increase in public works spending on projects like the Northeast Industrial Highway and Victory Road roundabout that the city does not own.  He says there was also an increase in spending on street maintenance and some other repair work. And depreciation of the city’s new recreation facilities also showed up as a net reduction in assets.