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Controller reports city finances stable, audit returns clean opinion
Summary
Controller Diane Waldron told the joint City Council and Board of Finance that tax collections are behind initial estimates but close to last year when escrow postings are included; the independent audit issued an unmodified (clean) opinion and the city’s unassigned fund balance stands at 11.6%.
Diane Waldron, the city controller, told the joint City Council and Board of Finance that tax collections through the current reporting period show 57% of budgeted current revenues, down from 66% in the prior year, but that after posting late escrow payments the figure rises to about 65% and is comparable to last year.
Waldron said building permit fees are strong — at about 77.3% of the budget — and conveyance fees are near 98%, buoyed by large payments received in December. “Investment income right now, we are 50% of the budget,” she added, noting the figures reflect timing differences as the city closes the prior fiscal year.
The controller emphasized the annual audit yielded an unmodified opinion. “The auditors report, unmodified opinion, so it’s clean,” Waldron said, and told members the full audit, including management’s discussion and analysis, is posted on the city website and available in hard copy on request.
Waldron reported the city’s total fund balance at about $43,000,000 and the unassigned fund balance at 11.6%. She said the city used roughly $2.5 million of fund balance this year to cover additional appropriations for the Board of Education. Council members asked about hard copies for public files and the controller confirmed the audit is filed with the city clerk and linked online.
The presentation set the stage for the budget process: Waldron reminded members that department budget submissions and the Capital Improvement Program (CIP) planning schedule will begin in January, and noted the board of education will hold budget workshops later in the month.
Next steps: councilors and finance staff will continue departmental budget reviews and await detailed schedules from the controller’s office for the formal budget process.
