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
10 comments:
Kudos to the city!
6% under "budget"? What was the budget?
For all we know it could be double last years "budget".
Put some meat in that soup.
How much was for things we will continue to enjoy such as a new road or long life equipment?
And how much was for a one time use like plowing or cops and fireman wages and pensions?
Sorry but 6% under budget means little to me.
The budget is the spending plan annually adopted by the City Council. It includes estimates of revenue and expenses and is largely the determining factor in setting the property tax levy.
Well, its a lot better than the state ever does. Thug Sheldon and the boyz just hide everything on that level.
What can we buy for $10 Million... I know! A 6,500 seat concert venue! We don't spend the city's nest egg. We use it to secure a bond.
Could it be THAT the budget was PADDED to begin with ?
Perhaps as a budget development strategy, a built -in "forced savings" component or other strategy to "guarantee a surplus was employed and HELP to meet one's goals .
It's 8:50 again -- BTW all that said -- a surplus is to be commended -- just being fair here
The budget was LESS than the previous year's and we're looking at a surplus. Good job.
I wish some people would do a little research before shooting off their mouths.
Do your own research 9:23.
The mayor is the one that came out bragging with a meaningless metric.
The benchmark would be how many cities this size have a $10 Million (or more) surplus. Auburn??
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