The Mountain Times

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City of Rutland receives second clean audit opinion

RUTLAND-Rutland City Treasurer Wendy Wilton presented the Fiscal year 2012 audited financial statements to the Rutland City Board of Aldermen on April 1 with continued good news of the City's financial status. For the second year the City of Rutland has maintained the unqualified (clean) opinion of its financial statements received last year. The unqualified opinion received for fiscal year 2011 was the first unqualified opinion the City received in 32 years. For fiscal year 2012 the City also received an unqualified opinion for its A-133 Single Audit of Federal Awards for grant funding.

The City has demonstrated increasing fiscal strength by continuous balance sheet improvement. The City's net assets for FY 2009 were reported at $13,016,112, after Other Post Employment Benefit (OPEB) recognition required by government accounting standards.

Thereafter, the City reduced OPEB liability through changes to health care plans, changes in capital asset recognition, reduction in long term debt and improvements in cash position to increase net assets to $34,657,114 by the end of FY 2012.

Wilton informed the City's Board of Aldermen that the City has a strong financial position with $2.9 million in unassigned fund balance in the general fund and other measures of financial strength. Wilton also cautioned the board that the City has $23 million in unfunded pension liabilities which must be resolved. Changes have been made by the Board of Education and recently the City firefighters to improve the funding status, which Wilton expects to make a difference in the valuation report due in the next month.

Wilton was elected to her fourth term as Rutland City Treasurer in March. She has been City Treasurer since 2007.

The combined reporting package, presented last week to the Board of Aldermen, may also be found on the City of Rutland's website, www.rutlandcity.com  under City Departments and Treasurer's Office.