FOR IMMEDIATE RELEASE
Salisbury – Mayor Jake Day is pleased to announce that the City’s Department of Finance has completed preparation of their Financial Statements for fiscal year ended 6/30/2019, and are reporting a significant increase in surplus funds.
A key barometer of the financial health of the City is the Unassigned Fund Balance, which is the net amount of General Fund assets other than non-spendable, assigned, committed or restricted. The Unassigned Fund Balance increased from $7,398,590 as of 6 /30/2018 to $9,802,908 as of 06/30/19 or an increase of over $2.4 million. The City was able to achieve the increase while making significant investments in capital improvements, and without imposing a tax rate increase in FY19.
“Careful budgeting has resulted in surplus levels that meet best practices established for local governments,” said the Mayor. “We continue to seek ways to improve and refine our financial planning, but this increase in our Unassigned Fund Balance shows us that we’re moving in the right direction.”
The City’s audit report is scheduled to be presented to Council on Monday December 2.