The Finance Department reported positive third-quarter results at the most recent City Council meeting, October 24.
By Robin Jovanovich
The Finance Department reported positive third-quarter results at the most recent City Council meeting, October 24. Acting City Comp- troller Joe Fazzino noted that total assets are $40,521,379, up from $36,695,582 for the first nine months of 2011. The fund balance is also up — $16, 365,630 from $14,269,855.
“Building permits are up to 2007 levels,” Fazzino noted. “Mortgage tax receipts are up $70,000 and sales tax revenue is up slightly over 2011.”
But even with salaries and wages down $450,000, the City earned less interest income in the first nine months and health insurance has cost $300,000 more than last year. In addition, the City has a large worker’s compensation claim.
The City’s total liabilities and fund equity amount to $40,521,379, up from $36,695,582. The full financial report is on the City website.
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