Citizens For A Better Norwood

Thursday, January 21, 2010

More good news: Norwood’s year-end carryover balance $2+ million!

Councilperson Victor Schneider asked us to publish the good news in City Auditor Jim Stith’s January 12, 2010 letter to City Council, which appears in the City Auditor’s Report for the Month Ending 12/31/09. Mr. Schneider is extremely pleased with the City’s current financial condition and optimistic about our financial future. And he has a challenge for our readers: “How about posting Jim Stith’s letter on the CBN blog with a challenge for everyone in Norwood to tell at least 5 people how well Norwood is doing? Let's get a little self promotion going and see if we can't get it to catch on. A good attitude about our great City can be the start of something. Let’s get the word out!” So how about it? All you have to do is hit the email option below and pass the good news on to friends.

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.


Jim Stith