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Financial Success for Parkersburg: Six Years of Unmodified Audit Opinions

Unmodified Audit Opinion Achieved

PARKERSBURG — In a remarkable achievement, the City of Parkersburg has successfully obtained an unmodified audit opinion for the sixth consecutive year. This distinction is not only a reflection of the city’s robust financial health but also serves as a testament to the efforts made by the administration in managing public funds wisely. This information was shared in a detailed press release by Mayor Tom Joyce.

Strong Financial Statements

According to the details provided in the press release, there were no findings or items that required corrective action identified in the financial statements or federal programs for the fiscal year that concluded on June 30, 2024. This clean slate represents a significant accomplishment, reassuring residents that the city is operating within legal and fiscal guidelines, which enhances transparency and accountability.

Continued Improvement in Financial Position

Mayor Joyce emphasized that Parkersburg’s financial standing has been on an upward trajectory, thanks in part to strategic measures such as closing the existing police and fire pension plans to new hires back in 2017 and retaining sufficient operating reserves. The city’s total net position, which is the cumulative sum of all assets minus liabilities across all funds, has seen a remarkable improvement. It shifted from a deficit of $63,702,410 as of June 30, 2017, to a surplus of $10,077,214 as of June 30, 2024. This increase is indicative of responsible financial management and prudent decision-making.

Strategic Financial Planning

Joyce noted that this fiscal turnaround didn’t happen by chance; it was the result of collective efforts over several years. “This fiscal improvement did not occur overnight, and it wasn’t a singular effort from the administration,” Joyce stated. Over the past eight years, he has collaborated with 15 different city councilors, all committed to placing Parkersburg on a path of fiscal discipline. The mayor emphasizes that flat budgets, coupled with gradual revenue growth, have been instrumental to this success. Furthermore, he attributes the city’s current fiscal health to moderate pay raises for employees, the elimination of debt, and self-imposed austerity regarding capital equipment.

Enhanced Credit Rating

As a result of this improved net position, the city has earned an Aa3 bond rating. This rating is pivotal as it allows Parkersburg to issue revenue bonds for financing vital projects, such as the new activity and recreation center at City Park and the replacement of Fire Station 3. Importantly, these initiatives have been achieved without imposing additional financial burdens on residents and taxpayers.

Recognition of Financial Team

“I must once again extend my gratitude to our Finance Director Eric Jiles and his dedicated team for their diligence and attention to detail,” Mayor Joyce expressed. “He and the other department heads share my vision of fiscal prudence and compliance, particularly concerning procurement laws and charter provisions.” Such recognition underscores the importance of a committed financial team in fostering responsible governance.

How AI legalese decoder Can Assist

In light of the complexities surrounding financial statements and compliance regulations, the AI legalese decoder could be remarkably beneficial for cities like Parkersburg. This innovative AI tool can help decode intricate legal language found in financial reports and regulatory documents, making them easier for administrators, council members, and residents to comprehend. By clarifying complex legal jargon, the AI tool ensures that stakeholders fully understand the implications of financial decisions and reforms. This transparency not only promotes informed discussion but also enhances public trust in the city’s financial management practices.

In summary, Parkersburg’s continued fiscal improvement and clean audit opinions reflect careful planning and collaboration among city officials. The integration of innovative solutions like the AI legalese decoder will undoubtedly support ongoing efforts to maintain financial clarity and compliance.

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