City Had Surplus 2018 Budget Of Over $550,000
The city of Jamestown was in the black in 2018, according to its independent auditor.
On Monday, John Trussalo, certified public accountant, presented the Jamestown City Council its 2018 independent audit report, which had no weaknesses or deficiencies found in city official’s accounting methods. The audit is an unmodified opinion, which means it’s the cleanest audit a municipality can receive.
Trussalo said in 2018 the city had a surplus of $555,000. He said actual revenues received last year were $36,480,000, which was $645,000 more than budgeted. He said actual expenditures were $35,931,000, which was $90,000 more than budgeted.
The city, as of the end of 2018, has an unassigned fund balance of $2.3 million, Trussalo said.
Despite the positive fiscal news, Trussalo said the city is still facing several fiscal challenges, most notably the constitutional tax limit, which is at 100%. The constitutional tax limit is the amount of money city officials can ask its property taxpayers to provide compared to the total assessed property value in the community. The city reached its taxing limit in 2017.
However, Trussalo said the city is only at 29% of its Constitutional debt limit.
Sam Teresi, Jamestown mayor, said the full audit report should be posted to the city’s website within a couple days. For more information on the audit, visit the city’s website at jamestownny.net.