City of Watertown in a strong financial spot after counting cash from last fiscal year
WATERTOWN, New York (WWNY) - The city of Watertown finds itself with a strong financial foothold after counting the money it made last fiscal year.
That period was from July 20-20 until the end of June this year. City Manager Ken Mix said Watertown’s fund balance is up to around $16.5 million not set aside for a specific purpose.
He points to revenue from sales tax and the hydroelectric plant as a couple of reasons the fund is that high. In fact, Mix said it might be the highest he has seen during his three decade career.
“I don’t think in all my time of working for the city we’ve been as good a fiscal position as we are right now,” Mix said. “Whether it stays that way, I don’t know.”
Mix said Watertown typically keeps around $10 million in the fund balance, so there’s money to move. Some recommendations as to where are reserve funds, one for capital projects, the other for a rainy day like unexpected revenue loss. City council is expected to start hashing out what to do with the money next month.
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