Bravo To Gloucester and Fiscal Conservatism

We don’t go political on these pages but I would like to extend a huge congratulations to the Mayor and City Council for bringing Gloucester’s Free Cash Balance To The Positive!

Richard Gaines reports at The Gloucester Daily Times-

November 22, 2010

City’s free cash fund: $1.9 million

By Richard Gaines Staff Writer The Gloucester Daily Times Mon Nov 22, 2010, 11:18 PM EST

The state Department of Revenue has certified that, for the first time in nine years, Gloucester enjoyed a free cash balance in the 2010 fiscal year that ended June 30, an accounting characteristic generally considered a barometer of fiscal municipal good health.

Click the link above for the whole story.

Some notables from the story-

By many counts, the city’s finances, which were in shambles and dripping red ink when Kirk took office in January 2008. Beginning in January 2010, she presided over weekly meetings of what was known as the Deficit and Free Cash Project Committee. The group included financial department heads, with City Council representation as well, all seeking to reconcile accounts, plug holes and restore a free cash position.

As recently as fiscal 2008, the city instead held a negative free cash position of $3.818,442.

A year later, the negative position was reduced by about $1.5 million, to $2,384,524.

I’m hoping that Carolyn stays in office for a good long while but with turning in results like that I would think that if she were to pursue higher political aspirations that having this accomplishment on her resume would be something that people all over the country have been calling for.  Being responsible with taxpayers money.

BRAVO To Mayor Kirk and The City Council for this monumental achievement!

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