City claims study inappropriate for saying Charleston has no cas - WCBD-TV: News, Weather, and Sports for Charleston, SC

City claims study inappropriate for saying Charleston has no cash

Posted: Updated:

A Wall Street Journal graph says the Holy City is tied with Pomona, California for approximately zero dollars on hand. The graph notes such a city would have trouble paying their bills.

News 2 asked the city of Charleston to explain whether that's true.

"It says what it says but in the context it's somewhat inappropriate," Chief Financial Officer Stephen Bedard said.

Bedard said the analysis didn't take the city's fiscal calendar into consideration. Unlike many city governments which end on June 30, Charleston's fiscal calendar ends with the calendar year. Therefore, Bedard said it's unfortunate the Wall Street Journal may have only considered the General Fund on December 31, 2012 as opposed to other dates of the year.

The amount of cash for the General Fund was zero on the last day of 2012, but even so, Bedard said that doesn't mean the city didn't have cash.

"We manage all our money in a consolidated fund. So in managing all those funds together on this day when they're saying we had no cash, we actually had $43.5 million in cash to pay our bills," Bedard said. "It's unfortunate that's the number they pulled. I wouldn't say that they're wrong, I would just say it's kind of taken out of context on where we actually are."

As of noon Tuesday Bedard said that number is even higher, at $90 million in a state investment fund, and therefore there is "more than enough to cover our bills."

Powered by WorldNow

210 W. Coleman Blvd.
Mt. Pleasant, SC 29464

Telephone: 843.216.4875
Fax: 843.881.3410
Email: news@wcbd.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.