Town officials appropriately used the machinery capital reserve to replace equipment as planned.
We commend Town officials for implementing pertinent components of a multiyear plan and maintaining stable fund balances and reserves while keeping real property taxes relatively flat.
Because of the revenue shortfalls, the City issued a $1 million revenue anticipation note (RAN) in November 2016.
The City's fund balance declined during fiscal years 2014 through 2016 for each of the operating funds, and the sewer fund had a deficit fund balance at the end of all three years.
Specifically, although variances between budgets and actual results for 2016 were within 4 percent for each operating fund, the City's general fund continually relied on a $300,000 annual fund balance appropriation to finance operations.