The comptroller's report on city finances for the fiscal year ending June 30,2010 shows revenues were on track due to a late year surge in sales tax revenue.....However, expenditures ran 6% under budget in part due to cost containment measures throughout the year.
The result was a slight growth in fund balance to just over $10 million. The latest sales tax numbers for this fiscal year show growth as well, although hydro power revenues were off slightly and state aid is uncertain due to budget issues in Albany.
The City has cut six positions over the past two years.
The report shows the water and sewer funds healthier than they were two years ago.
Among the large uncertainties is health insurance, with the new federal law imposing measures that will increase costs to employers. The possible loss of a grandfather clause for existing municipal plans is actually preventing efforts to negotiate changes on matters like contributions and co-pays.
The institutionally insolvent state pension system also is a fiscal minefield for municipalities that pay into the plan on behalf of workers.
All in all, the City moves towards 2011 in much better shape than many local governments.
In other action at Monday's Council meeting, lawmakers approved a series of appointments to various panels and OK'd a sewer contract with the Town of Watertown that resolves various flow issues.
Watertown Daily Times Sewer deal OK'd by city