Town Accountant’s Report – Fiscal Year 2009

Fiscal Year 2009 was a better year financially for the Town of Nahant than the past year.  The Certified Free Cash is $133,268.  (Free Cash is the fund balance less mandated state adjustments-See next page.)   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 or other unforeseen events that can occur.  The future years will require reduced appropriations and/or an override.  The certified Water/Sewer Enterprise Fund balance is $463,472 for Fiscal Year 2009. 

Thanks again to all who have worked hard to maintain a positive fund balance again in FY 09.   Special thanks to: Mark Cullinan, the Board of Selectmen, the great Town Hall team, the Finance Committee, 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. A special thanks to Susan Behen and Katie Costin for their dedication and hard work.

The town’s outstanding debt as of 6/30/09 is $10,338,831 - $8,372,831 is in long-term debt and $1,966,000 is in temporary short-term debt.   During Fiscal Year 2009, Mark Cullinan, 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 maintain a stabilization fund, all the while supporting ever increasing budgets for a better Nahant.  These are great goals that took a great 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, 2008 through June 30, 2009. (FY 09)  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 and the combined balance sheet for fiscal year ending 6/30/09 are prepared by the Town of Nahant's auditors, Sullivan, Rogers & Company, LLC, CPAs.  All other reports are prepared in-house.

Respectfully Submitted,
Deborah A. Waters
Town Accountant