Comptroller Joe Bellitto delivers the 2015 budget summary during the March 14 city council work session.
JAMESTOWN – The final unaudited numbers for Jamestown’s 2015 budget show the city finished with a $908,000 shortfall.
Earlier this week city comptroller Joe Bellitto reviewed the final numbers with the city council, pointing out that the city spent $35,352,334.31, but brought only $34,444,516.01 – leading to a deficiency of nearly $908,000. That means the city will have to allocate additional fund balance money to balance the books for 2015.
Bellitto explained the main reason for the shortfall was health insurance costs for employees and retirees, with the city paying $558,000 more than budgeted.
Bellitto also said that with the deficit, the city will face several financial challenges for this year, as well as next year. Those challenges include using a large portion of the city’s health insurance reserve for this year’s budget, as well as another significant increase in health care costs for next year.
Following the presentation, City council finance chair Tony Dolce said the council will do what it can to identify ways to address the budget challenges the city will likely face for the rest of this year and into next year.
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