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.
Welcome to our document archive. Select the fiscal year on the left to view all the supporting documents in Acrobat (PDF) format.
Town of Nahant Audit and Review Document Archive
Audit packets include the Management Letter, Financial Statements and the Report on Internal Controls and Compliance.
Town Accountant’s Report – Fiscal Year 2017
Fiscal Year 2017 was a good year financially for the Town of Nahant. The Certified Free Cash is $967,378. (Free Cash is the fund balance less mandated state adjustments-See next page.) This was larger than normal due to Kathy Famulari and Jeff Chelgren pursuing outstanding tax title accounts. 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 leave some 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 $131,793 and the Rubbish Enterprise Fund balance is $179,332 for Fiscal Year 2017. Water/Sewer Enterprise Fund is at the lowest in years due to sewer emergency.
Thanks again to all who have worked to maintain a positive fund balance again in FY 17. Special thanks to all of the departments 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 6/30/17 is $8,465,524 - $4,058,090 is in long-term debt and $2,998,834 is in temporary short-term debt. The Authorized and Unissued Debt totals $1,408,600: $9,900 as voted borrowing article during Apri125, 2015 Annual Town Meeting and $1,398,700 as voted borrowing articles during Apri129, 2017 Annual Town Meeting as detailed in the attached Statement of Indebtedness. During Fiscal Year 2017 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 are becoming more and more difficult to attain.
On the following pages are reports that cover the twelve-month period from July 1, 2016 through June 30, 2017. (FY 17) 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 6/30/17 are prepared by the Town of Nahant's auditors, CliftonLarsonAllen, LLP. All other reports are prepared in-house.
Also, the FY 2018 appropriated budget and expenditures are included at the end of this report. The actual expenditures are through 12/31117. (Due to turnover in Treasurer's office, this is only estimated, not reconciled) 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 April28, 2018, as is usual and can be seen in the FY 17 Town Meeting Transfers and the Reserve Fund Activity Reports included for FY 17. Hopefully, there will be some unexpended appropriations to close to free cash.
Town Accountant’s Financial Report Archive - PDF Format
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