Performance Audit Recommendation R2.1

The two-year forecast shows the necessity for Norwood to make significant policy decisions regarding its operations. Facing an estimated cash deficit of $738,787 by 2006, Norwood should act promptly to address its financial stability, and immediately address recommendations contained in the report to help achieve a positive fund balance. Options for the City to consider are contained in this report and primarily focus on reducing expenditures, eliminating selected City services and increasing revenues. However, the City should also continue to independently identify means to reduce its operating expenses.