Official Says City Finances Improving Since 2006

Aberdeen Director of Finance Opiribo Jack provided a summary of the city's audited financial statements for fiscal year 2011 at the City Council meeting on Monday.

He said the financial position of Aberdeen has improved since last fiscal year, with the city's general fund having a budgetary surplus of $2.1 million.

"Most of the surplus came from increases in Aberdeen Proving Ground management fees, savings from vacant positions and better than expected tax revenues," said Jack.

Independent accounting firm McGladery & Pullen, LLP audited the financial statements for the fiscal year, which ended June 30.

Aberdeen's net assets, which have been increasing since 2006, are posted at $47.4 million in 2011, an $8.3 million increase from last year. 

"This increase is primarily due to increase in tax revenues, charges for services and capital grants," said Jack. "The trend since 2006 indicates improvement."

The water fund posted a net income of $1 million and the sewer fund had a net income of $651,000, but the Ripken Stadium fund posted a net loss of $330,000.

Property taxes increased by $563,000.