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Welcome to the Town Accountant

The Town of Nahant Accounting Department is responsible for the maintenance of all financial records to insure compliance with federal, state and local laws and regulations and for oversight of all departmental appropriations. This includes recording all Town expenditures and assuring that departments operate within their annual appropriations.

The Accounting Department audits all departments and reports the Town's financial status on an annual basis. The Department is also responsible for accounts payable, water and sewer billing and retirement administration.

The mission of the Accounting Department is to insure that the appropriate financial and auditing controls within the Town are maintained in an efficient, cost-effective and responsible manner.

Welcome to our document archive. Select the fiscal year on the left to view all the supporting documents in Acrobat (PDF) format.

List Town Accountant
  Contact
Phone
Fax
Email
Deborah A. Waters
(781) 581-0099
(781) 581-6561
dwaters@nahant.org
List Assistant Town Accountant
  Contact
Phone
Fax
Email
Lisa Arena
(781) 581-0099
(781) 581-6561
larena@nahant.org
List Nahant Town Hall Hours
 

Monday through Thursday
Friday

7:30 AM - 4:00 PM
7:30 AM - 12:30 PM

Town Accountant’s Report – Fiscal Year 2018

Fiscal Year 2018 was a difficult year financially for the Town of Nahant. The Certified Free Cash is $741,918. (Free Cash is the fund balance less mandated state adjustments-See next page.) This was $225,460 less than last year. As we push our revenue estimates, this will continue to decline. We must continue to be careful in order to grow and avoid a free cash deficit. The Town’s revenue budget is only an estimate. This revenue budget is what supports the appropriation budget. It is prudent to use free cash available for any revenue deficits, other unforeseen events that can occur and capital improvements. The future years will require reduced appropriations and/or an override. The certified Water/Sewer Enterprise Fund balance is $68,679 and the Rubbish Enterprise Fund balance is $197,409 for Fiscal Year 2018. Water/Sewer Enterprise Fund is at the lowest in years due to sewer emergency and a reduction in usage. 

Thanks again to all who have worked to maintain a positive fund balance again in FY 18. Special thanks to all of the department heads who work diligently to stay within their budgets and all of the wonderful people who donate so much of their time to make Nahant a better place.

The town’s outstanding debt as of 6/30/18 is $8,965,204 - $3,443,670 is in long-term debt and $5,521,534 is in temporary short-term debt. The Authorized and Unissued Debt totals $4,954,600 as detailed in the attached Statement of Indebtedness. During Fiscal Year 2018 the Board of Selectmen, the Finance Department and the Finance Committee have tried their best to support necessary capital improvements with minimal borrowing, stabilize the water and sewer rates and rubbish rates and maintain a stabilization fund, all the while supporting ever increasing budgets for a better Nahant. These are great goals that took a tremendous deal of planning and hard work and have become impossible to attain. 

Our infrastructure has been deteriorating rapidly, as shown with Storm Riley and the sewer emergency. We have borrowed for capital and therefore are paying interest over the term of the borrowings for our capital. We use our free cash for our operating budget. It is past time for an override to deal with our structural deficit. We must have funds in savings and buy capital without borrowing. We must balance our budget without free cash. This structural deficit is at least one million dollars. The only other way is to cut budgets or a combination of both. Most of the Town’s revenue comes from real estate taxes. We receive a small percentage of state aid compared to most communities. We have little new growth with no place to grow. 

The town has had a tremendous amount of employee turnover this past year. We had three town administrators in a six month period. We lost our DPW superintendent, our procurement officer/administrator’s assistant and treasurer/collector, as well as a firefighter and police officer. Due to constant turnover, stress on the personnel, and annual increases that do not keep up with the cost of living, morale has deteriorated as well.

On the following pages are reports that cover the twelve-month period from July 1, 2017 through June 30, 2018. (FY 18) Please take time to review these reports. Additional information or clarification desired by a Nahant resident will be gladly furnished upon a written request.

The combined statement of revenues, expenditures and changes in fund balances, the combined balance sheet, the business-type changes in net position and statement of net position for fiscal year ending 6/30/18 are prepared by the Town of Nahant's auditors, CliftonLarsonAllen, LLP. All other reports are prepared in-house.

Also, the FY 2019 appropriated budget and expenditures are included at the end of this report. The actual expenditures are through 12/31/18. We anticipate using the remaining funds during the fiscal year and there are shortages. There may be reserve fund transfers and additional appropriations during the Annual Town Meeting on April 27, 2019, as is usual and can be seen in the FY 18 Town Meeting Transfers and the Reserve Fund Activity Reports included for FY 18. Hopefully, there will be some unexpended appropriations to close to free cash.

A very special thank you to Lisa Arena, assistant accountant. We have had a software conversion for the accountant’s office as well as all the transitions. Lisa is a tremendous help and has a wonderful disposition through it all. Welcome and thanks to our new town administrator, Antonio Barletta and his assistant Bobbie-Jo Blair. They are both full of enthusiasm and have been working diligently to improve Nahant. We are also so grateful to Kathy Famulari and Kim Koscilecki for helping in the treasurer/collector’s office. Mary Lowe has been a big help with all the FEMA reporting as well as her regular duties. Of course thanks to all the members of Town Hall staff, including Peggy Barile, Sheila Hambleton, Linda Peterson, Joyce Haynes and Kim Campo. Thanks to Tom Mazzaferro for working around all the papers in my office. We truly are Team Town Hall.

Respectfully Submitted,
Deborah A. Waters
Town Accountant

Acrobat Logo Icon FY' 2018 Acrobat Document For Download (PDF)
  FY 2018 Financial Report (Complete)

Town Accountant’s Financial Report Archive - PDF Format

Acrobat Logo Icon FY' 2018 FY 2018 Financial Report (Complete)
Acrobat Logo Icon FY' 2017 FY 2017 Financial Report (Complete)
Acrobat Logo Icon FY' 2016 FY 2016 Financial Report (Complete)
Acrobat Logo Icon FY' 2015 FY 2015 Financial Report (Complete)
Acrobat Logo Icon FY' 2014 FY 2014 Financial Report (Complete)
Acrobat Logo Icon FY' 2013 (PDF)
  FY 2013 Free Cash (Fund Balance)
  FY 2013 Appropriations
  FY 2013 Revenue Report
  FY 2013 Revenue Detail
  FY 2013 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2013 Transfers of Funds (Town Meeting)
  FY 2013 Reserve Fund Activity
  FY 2013 Short Term BANS
  FY 2013 Balance Sheet
  FY 2013 Statement of Indebtedness (DOR)
  FY 2013 Appropriations
Acrobat Logo Icon FY' 2012 (PDF)
  FY 2012 Free Cash (Fund Balance)
  FY 2012 Appropriations
  FY 2012 Revenue Report
  FY 2012 Revenue Detail
  FY 2012 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2012 Short Term BANS
  FY 2012 Balance Sheet
  FY 2012 Statement of Indebtedness (DOR)
  FY 2013 Appropriations
Acrobat Logo Icon FY' 2011 (PDF)
  FY 2011 Free Cash (Fund Balance)
  FY 2011 Appropriations
  FY 2011 Revenue Report
  FY 2011 Revenue Detail
  FY 2011 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2011 Transfers of Funds (Town Meeting)
  FY 2011 Reserve Fund Activity
  FY 2011 Balance Sheet
  FY 2011 Statement of Indebtedness (DOR)
  FY 2012 Appropriations
Acrobat Logo Icon FY' 2010 (PDF)
  FY 2010 Free Cash (Fund Balance)
  FY 2010 Appropriations
  FY 2010 Revenue Report
  FY 2010 Revenue Detail
  FY 2010 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2010 Balance Sheet
Acrobat Logo Icon FY' 2009 (PDF)
  FY 2009 Balance Sheet
  FY 2009 Revenue Report
  FY 2009 Revenue Detail
  FY 2009 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2009 Free Cash (Fund Balance)
  FY 2009 Appropriation
Acrobat Logo Icon FY' 2008 (PDF)
  FY 2008 Balance Sheet
  FY 2008 Balance Sheet
  FY 2008 Revenue Report
  FY 2008 Revenue Detail
  FY 2008 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2008 Free Cash (Fund Balance)
  FY 2008 Appropriation
Acrobat Logo Icon FY' 2007 (PDF)
  FY 2007 Balance Sheet
  FY 2007 Revenue Report
  FY 2007 Revenue Detail
  FY 2007 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2007 Free Cash (Fund Balance)
  FY 2007 Appropriations
Acrobat Logo Icon FY' 2006 (PDF)
  FY 2006 Balance Sheet
  FY 2006 Balance Sheet
  FY 2006 Revenue Report
  FY 2006 Revenue Detail
  FY 2006 Governmental Funds
(Revenue, Expenditures and Changes)
  FY 2006 Free Cash (Fund Balance)
  FY 2006 Appropriations

 
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