City Announces Positive Fund Balance
City of Petersburg Announces Positive Fund Balance for FY 2019-2020
Strategic and disciplined financial management yields City’s highest fund balance since 2010
Petersburg, Virginia: The City of Petersburg has received CAFR results for Fiscal Year (FY) 2019-2020 with an overall unmodified opinion on the audit of financial statements from FY 2019-2020. Based on conservative budgeting, strong fiscal management, and a more streamlined collections process, the City’s revenues have once again exceeded expenditures in the General Fund.
During FY 2016-2017, the City positively closed the $7 million deficit to just $143,932. The FY 2018-2019 CAFR results showed an unassigned fund balance of $8,060,337, marking the second time since 2015 that the City had a positive fund balance.
“Our strategic budgeting and financial practices are working and they’re working well,” said City Manager Aretha R. Ferrell-Benavides. “I am grateful to our City Council for trusting and supporting myself and our finance and budgeting team throughout the past few years as we worked to resolidify Petersburg's financial foundation.”
Petersburg has emerged with a stronger than expected performance for the FY 2019-2020 CAFR. The unassigned fund balance for FY 2019-2020 has reached the highest fund balance since 2010.