New Hope Financial Audit Shows Positive Results

New Hope Financial Audit Shows Positive Results
Posted on 05/29/2019
In May, New Hope city officials received the 2018 audit and Comprehensive Annual Financial Report, and overall, it showed very positive results.

Expenditures were under budget by $335,000 and income revenue was over budget by more than $200,000, making an overall positive fund balance of $540,000.

$100,000 of that positive balance went to the new City Hall CIP, and $150,000 was transferred to the fire capital projects fund. The remaining $290,000 is a net balance in the city’s general fund.

The overage in revenue is due to intergovernmental revenue received, special assessments and interest earnings. There was also an underage in expenses due to personal services in public safety and planning, and underspending in parks & recreation and public works.

The full Comprehensive Annual Financial Report, and the presentation given to New Hope City Council on Tuesday, May 28 can be found here.