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The original item was published from 7/20/2020 4:20:58 PM to 7/21/2020 1:38:58 PM.
Posted on: July 20, 2020
[ARCHIVED] City of Petersburg Announces Positive Fund Balance for FY 2018-2019
The City of Petersburg has received CAFR results for Fiscal Year (FY) 2018-2019 with an overall unmodified opinion on the audit of financial statements from FY 2018-2019. Based on conservative budgeting, strong fiscal management, and a more streamlined collections process, the City’s revenues have once again exceeded expenditures in the General Fund.
During FY 2016-2017, the City positively closed the $7 million deficit to just $143,932. The FY 2017-2018 CAFR results showed an unassigned fund balance of $2,803,522, marking the first time since 2015 that the City had a positive fund balance.
“This is proof that our strategic budgeting and financial practices are working,” said City Manager, Aretha R. Ferrell-Benavides. “Our team continues to do the work to foster sustainable change. We are committed to correcting the practices that resulted in the fiscal stress and implementing innovative policies to continue moving this City forward.”
Petersburg has emerged with a stronger than expected performance for the FY 2018-2019 CAFR. The unassigned fund balance for FY 2018-2019 has reached a ten year high for the City.
"Petersburg’s financial and administrative turnaround is a remarkable achievement. Much credit is due to the Mayor and City Council for its smart hire of City Manager, Aretha Ferrell-Benavides, in 2017 and its support of the City Administration,” said Robert Bobb of The Robert Bobb Group. “The residents are the beneficiaries of the progress the City is making. While there is still much work ahead, Ms. Ferrell-Benavides and her team are to be congratulated."
The City will host a press conference on Tuesday, July 21st to present further details on the FY 2018-2019 CAFR results.