LACONIA — After completing its independent audit of the city's financial statements, Pat Mohan of Melanson, Heath & Company assured the City Council this week that the city remains in sound financial condition and the auditors provided a "clean" opinion with no major deficiencies.
At the close of the fiscal year ended on June 30, 2015, total assets exceeded liabilities by $59,818.945, a change of $4,549,523 compared to the prior year. Governmental funds posted ending fund balances of $15,332,243, an increase of $6,230,395 over the the year before. The total long-term debt at the close of the fiscal year was $42,538,768, or $7,340,912 more than the previous year.
During the year, actual revenues exceeded budgeted revenues by $190,891 while actual expenditures were $417,865 less than budgeted, leaving an excess of revenues over expenditures of $608,756.
To offset property taxes, $835,000 was withdrawn from the unassigned fund balance to supplement revenues in the 2015-2016 budget. However, with the operating surplus of $608,756, the net decrease in the unassigned fund balance was $226,244. Mohan said that the unassigned fund balance of $5,357,809, which represents nearly 10 percent of expenditures, complies with recommended guidelines.
Mohan stressed that for the first time the Comprehensive Annual Financial Report includes the city's share of the $ 4 billion unfunded liability of the New Hampshire Retirement System. The city's share of $37,059,606 represents 1 percent of the total. The city will never be billed directly for the unfunded pension liability. Instead, the unfunded liability will be addressed by measures taken by the New Hampshire Retirement System, which could include increased contributions to the system from municipal employers.
- Category: Local News
- Hits: 324