More good news: Norwood’s year-end carryover balance $2+ million!
January 16, 2010
Dear Members of Norwood City Council,
The complete City of Norwood’s Monthly Auditor’s Report for the month ending December 31, 2009 is now available for viewing online. Please take the time to review this report. Printed copies of the report are on display in the Auditor’s office and a copy will also be maintained in the Clerk of Councils office. If you would like a printed report please request a copy from the Auditor’s office.
In 2009 the General Fund revenue was $22,067,258, while expenditures were $22,064,782. Year-end encumbrances totaled $237,658 making the year-end carryover balance $2,170,048. The year 2009 saw significant savings in the areas of insurance and real estate taxes but increases in expenses related to income tax refunds. Overall the greatest expenses were in payroll at $16,372,654 with its greatest revenue source
being local taxes with $16,622,820.
A Supplemental Auditor’s Report is also available. This offers graphical representations of the yearend report. It includes breakdowns of revenue sources, expenditures by departments, year to year comparisons, and a break-down of health care costs.
The Auditor's report and the supplement contain the initial totals at the year-end closeout for 2009 and are presented in unaudited form. Detailed audited information will be available in the 2009 CAFR which should be completed in the Spring of 2010.
The City has done well so far in these tough economic times. I would like to encourage continued caution and close budgetary control as we face the uncertainties of 2010.