CPA John Trussalo (center) Goes over the 2016 Audit with the Jamestown City Council during its Sept. 18, 2017 meeting.
JAMESTOWN – The city of Jamestown had a clean audit for the 2016 fiscal year.
That’s according to certified public accountant John Trussalo, who presented the 2016 audit to the Jamestown City Council earlier this week.
The audit found total revenue for the city in 2016 was at $34.85 million, which was about $107,000 less than what had been projected in the budget. But expenses were also nearly $500,000 lower than budgeted, coming in at $34.87 million. As a result, the city finished the year with a deficit that was about $20,000. That’s significantly lower than the $410,000 that was initially budgeted.
During his report, Trussalo noted that the audit verifies the city is at 98.86 percent of its constitutional taxing limit, meaning that unless the value of total taxable property in the city sees a significant increase, officials won’t be able to significantly increase taxes in 2018 to offset expenditures. However, the audit also found the city is only at about 33.08 percent of its constitutional debt limit, meaning it has room to borrow money if it wanted to. The current total debt for the city at the end of 2016 was $18.77 million.
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