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
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