City releases latest financial overview

The new Comprehensive Annual Financial Report for the City of Biloxi, a report that provides detailed financial information about city operations, is now available online at

The 130-page full-color document uses graphics, bar charts and balance sheets to provide an accurate and complete financial position of the city, as of Sept. 30, 2013, the end of the most recent fiscal year.

The CAFR (pronounced “caff-ra”) “is a detailed snapshot of the city’s financial condition at a certain point in time,” said Chief Administrative Officer David Nichols. “Two of the tools we use in managing public dollars are the municipal budget and the CAFR. The budget is a plan for the fiscal year, showing where funds are to be allocated, and the CAFR shows what actually happened during that year, plus it provides a look at trends in different sectors of the city economy.”

The document was prepared by Culumber Harvey & Associates, certified public accountants.

Perhaps the most important part of the CAFR is its overview, known as a Letter of Transmittal. This eight-page highlight shows 10-year trends in key municipal economic indicators: revenue from sales, gaming and property taxes; building permits and their valuations.

The good news in the overview: The city brought spending closer in line with revenue, and the number of building permits are on the uptick.

Things that still need work: Bringing spending closer in line with revenue.

The CAFR – which is shared with credit-rating agencies, regulators and those interested in a detailed financial analysis of the city — also includes a section that traces the city’s departmental spending over the past 10 years.
See the CAFR highlights
See the entire CAFR
See 10-year spending by department
See other city financial information


Council to discuss budget Thursday afternoon 

The City Council will hold another of its series of budget meetings Thursday at 2 p.m. at City Hall. The meeting is open to the public.

The council is working to trim city expenditures to match the $53 million in available revenue for Fiscal Year 2015, which begins Oct. 1. The budget must be in place by mid-September.

“The biggest challenge is to make these cuts without impacting city services,” said Chief Administrative Officer David Nichols. “In years past, the city has been spending more money than it has been taking in, and, as a result, we’ve significantly reduced our rainy day fund. It’s just like running your household. You can’t continually dip into your savings.”