Page 10 - The Wayne Dispatch

Plante Moran give update on city finances

Carolyn Marnon If/when another recession arises, outlay has been delayed meaning the
Many associate the month of City is still using older equipment.
March with the color green. St. the city will face severe financial adversity SAFER and other grants are being
Patrick’s Day boasts green beer and utilized. Staffing vacancies are not
green leprechauns. The coming of with even fewer options to utilize over being filled, and many other sacri-
spring heralds the renewal of trees fices are being made by City staff, re-
and plants to lush greenery. One what has already been done. tirees and citizens.
other item that is green is money. The Great Recession hit Wayne
We’re often told money doesn’t grow In summary, the City of Wayne needs hard. From 2010-2019, the City has
on trees. If it did, I am sure we lost over $60 million in tax revenue.
would all have been at Aldi’s when a new, sustainable revenue source. Property taxes are the largest source
they recently had Money Trees for of revenue in Wayne.
sale. Alas, these plants would never The City has been able to prevent
sprout the dollar bills we would so The auditor’s report, done by Alan C. budget includes an operating loss of State intervention while focusing fi-
love to have in our City. Young & Associates, does not ad- $1.5 million. As of June 30, 2020, nancial efforts on cost containment.
Brian Camiller, a partner at dress the financial well-being of the Wayne’s General Fund balance would Mr. Camiller’s power point presenta-
Plante Moran, has been helping the City, only that statements are materi- be at 6.31%. tion states “At this point, further con-
City of Wayne restore financial stabil- ally correct and can be relied upon. The City has made significant im- tainment or reduction may require
ity during economically depressed “This is a very good report for the provements since 2014. The budget reduction in service levels.” The City
times. Mr. Camiller recently ad- City.” process has been redesigned so that still needs to address issues with
dressed Wayne City Council to give The Government Finance Officers the City now knows what revenue is capital outlay, facilities, compensa-
an audit report and financial update Association (GFOA) recommends coming in and what expenditures are tion and technology. If/when another
on the City’s finances through the fis- the General Fund has a minimum of going out. recession arises, the city will face se-
cal year ended June 30, 2019. two months of expenditures in the The Recreation Center was vere financial adversity with even
The presentation of the City’s fi- fund balance or 16.67% of the years closed and then outsourced to HYPE fewer options to utilize over what has
nances received an “Unmodified expenditures. As of June 30, 2019, Athletics. Changes have been made already been done. In summary, the
Opinion.” “This is like getting an ‘A’ Wayne had 14.7% in the General to healthcare, most notably the City of Wayne needs a new, sustain-
on a report card,” said Mr. Camiller. Fund. The City’s amended FY 2020 change to a retiree stipend. Capital able revenue source.

10 · March 2020 · The Wayne Dispatch