Audit Shows Lubbock Finances Are In Good Shape - KCBD NewsChannel 11 Lubbock

6/21/05

Audit Shows Lubbock Finances Are In Good Shape

Good news for the City of Lubbock. The city's finances are in excellent shape, something auditors could not report a few years ago.

"We went through many years of trouble when this council came in, in 2002-2003 we found a number of problems with the city's finances that all revolved around the then condition of Lubbock Power and Light and the West Texas Municipal Power Agency," said Lubbock City Councilman, Tom Martin.

The Lubbock City Council took several steps to deal with the financial problems, such as creating an external audit committee and cutting the general fund budget. Councilman Martin says the latest audit shows the city's bond rating has gone up which could mean the city can now borrow money at a lower interest rate.

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