News release from the City of Fort Wayne:
2010 Comprehensive Annual Financial Report underscores City’s strong fiscal position
Mayor Henry’s record: spending flat, under budget every year, on track to pay off nearly $74 million of debt by 2015.
(July 12, 2011) – Today, the City of Fort Wayne released the 2010 Comprehensive Annual Financial Report (CAFR), an in-depth examination of the City’s financial state. The report demonstrates Fort Wayne’s fiscal strength. Under Mayor Henry’s leadership, the City continues to hold spending flat, is on track to pay down $73,765,198 of its debt by the end of 2015, and has come in under budget for the third consecutive year.
This healthy performance was achieved during the midst of the nation’s deep recession and a period in which property tax collections are below 2007 levels.
“This report reflects the hard work we’ve done in the City to keep our finances strong,” said Mayor Tom Henry. “We’ve held spending flat and come in under budget for the third year in a row, putting us in a position to pay down over 73 million dollars in debt. And while other communities are laying off police officers and firefighters, we’ve continued to provide the great services our residents expect. Of equal importance, we’ve kept Fort Wayne in a solid position to attract new jobs and business.”
Four areas of the report are especially indicative of the City’s strong financial situation, as follows: (Please see the Executive Summary for more detailed explanation.)
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[li]The Henry administration has kept spending flat. Process improvements, such as the transition to a green fleet, have allowed the City to hold spending at the same level as when Mayor Henry first took office.[/li]
[li]The Henry administration is on track to pay down over $73 million in debt by 2015. From 2009 to 2010, the City of Fort Wayne paid down more than $13.2 million of the debt. In addition, the City remains on track to pay down $73,765,198 by the end of 2015.[/li]
[li]Under Mayor Henry, the City has come in under budget for the third consecutive year. Initiatives such as the new recycling contract – which generated $500,000 for the City, as well as other internal improvements (for instance, utilizing in house engineering services) have allowed the City to come in under budget every year under Mayor Henry’s direction.[/li]
[li]Property tax collections are below 2007 levels. The City continues to do more with less, providing quality City services while property tax collections remain below 2007 levels.[/li]
[/list]“The CAFR demonstrates that City finances remain in excellent condition,” said Fort Wayne City Controller Pat Roller. “This is a thorough, detailed examination which validates our fiscal strength. Our achievements – coming in under budget, holding spending flat, and putting us on track to pay down over $73 million in debt by 2015 – are a testament to the administration’s dedication to fiscal responsibility and the hard work of every City employee.”
The Comprehensive Annual Financial Report (CAFR) is an in depth, voluntary presentation of the City’s financial condition. The Government Finance Officers Association of the United States has awarded the City of Fort Wayne the Certificate of Achievement for Excellence in Financial Reporting for the City’s CAFR the last 21 years. The 2010 CAFR is available online.
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