The city’s draft audit numbers for 2015 show an unassigned fund balance for the general fund of $2 million, which represents an increase of over $1.5 million from 2014, Comptroller Ann Scaglione told the Common Council Monday.
With the influx of cash, Scaglione said she will ask the council to pass a resolution at next Monday’s meeting, dated back to 2015, to allow her to transfer funds to the central firehouse.
“Our central firehouse project in our capital fund is overextended by $600,000 so I wanted to transfer $600,000 from the general fund—we have a restricted fund balance specific for the firehouse—to the capital projects to have that project flush starting in 2016,” Scaglione told The Peekskill Post. “So, for purposes of the 2015 audit, I am asking for a resolution dated back to 2015 to transfer funds.”
As to why the general fund’s unassigned fund balance increased by so much, Scaglione said there were a number of factors.
“We did a very good job at keeping our eye on expenses and we had the weather on our side,” she said. “In addition, we started a process for 2012 and 2013 to collect past due taxes from which we collected a lot of money and we will be going to auction for the remaining properties for the in rem sale. So we not only increased our fees in terms of collecting all these taxes with interest and penalties, but we reduced the amount that we had to reserve for a possible bad debt on our books.”
Peekskill Mayor Frank Catalina says the improving financial picture is the result of two years of hard work.
“We fully expected our measures to yield this result because we have been working so hard for two years to get here,” Catalina said. “This is great news for the city. We are turning the finances around and we should all be very happy about that.”