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 2018
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.
Town Accountant’s Financial Report Archive - PDF Format
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