Fiscal Year 2007 was a weaker year financially for the Town of Nahant than the past few years. The Certified Free Cash is $285,176. (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 certified Water/Sewer Enterprise Fund balance is $70,220 for Fiscal Year 2007 (The first fiscal year of the Enterprise Fund).
Thanks again to all who have worked hard to maintain a positive fund balance again in FY 07. 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 6/30/07 is $10,867,300 - $8,767,300 is in long-term debt and $2,100,000 is in temporary short-term debt. During Fiscal Year 2007, 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, 2006 through June 30, 2007. (FY 07) 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 6/30/07 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
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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. |
