Melrose also recognized for excellence in financial reporting

MELROSE — Last month, Melrose City Auditor/CFO Kerriann Golden submitted a memorandum to the City Council to report on the city’s expense and revenue balances at the end of the first quarter of Fiscal Year 2025 (FY 25), which began on July 1, 2024. 

In the memo, submitted to the City Council on October 21, 2024, Auditor/CFO Golden provided the following updates: 

• State aid revenues collected through 9/30/2024 total over $5.1 million and state assessments total just over $1.3 million. Both totals represent 25.1% of the estimated state aid revenues and assessments anticipated for the FY 25 budget.
• Collection of municipal Personal and Property taxes are on target at the end of Q1.
• Local receipt revenue is down by approximately $400,000 over the FY 24 benchmark for
the same period. This change is largely due to the creation this budget year of the Solid Waste Enterprise Fund, a separate municipal account which now handles solid waste fees and expenses. After adjusting for the Solid Waste Enterprise Fund, local receipt revenue is only down by approximately $24,000 compared to the FY 24 benchmark.
As the fiscal year continues, Auditor/CFO Golden and the city’s finance department will monitor potential budget impacts including local receipts, new growth, public safety and public works overtime costs, newly finalized Collective Bargaining Agreements, and Melrose’s share of the debt service for the construction of the new Northeast Regional Metropolitan Vocational High School. Throughout the year and each budget cycle, city officials closely track variables which may impact the current budget and plans for future years. You can read the full memo by visiting www.cityofmelrose.org and selecting the “City Finances” link.
Also last month, the Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement in Financial Reporting to the City of Melrose for its annual comprehensive financial report for the fiscal year ending June 30, 2023. The report was judged by an impartial panel to meet the high standards of the program, which include
demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the report. 

The Certificate of Achievement is the highest form of recognition in the area of government accounting and financial reporting and its attainment represents a significant accomplishment by the City of Melrose government.