The Office of the New York State Comptroller Thomas P. DiNapoli has releases a Municipal Audit for the City of New Rochelle. Auditors found that the City currently has a stable financial condition.
“In today’s fiscal climate, budget transparency and accountability for our local communities is a top priority,” said DiNapoli. “By auditing municipal finances and operations, my office continues to provide taxpayers the assurance that their money is being spent appropriately and effectively.”
The City’s general fund unassigned fund balance has increased from $1.6 million to $6.1 million from fiscal years 2011 through 2013, reversing a trends of declines in the fund balance going back to the beginning of the Great Recession in 2008.
City of New Rochelle Audit (OSC)
According to the report, two funds, the capital projects fund and the internal service fund-workers’ compensation, reported deficits in 2013. The workers’ compensation fund deficit decreased from $1.3 million in 2012 to $597,743 as of December 31, 2013, the capital projects fund’s deficit increased from $1.9 million in 2012 to $5 million in 2013.
The City of New Rochelle’s budgeted appropriations for the 2014 fiscal year are approximately $118 million, which are funded primarily with real property taxes, sales taxes, State aid and fees. In addition to the general fund, the City has several enterprise and internal service funds, a debt service and a capital projects fund.
EDITOR’S NOTE: We will update this story with reax from City officials when we get it.