The City of White Plains Comprehensive Annual Financial Reports
As part of the League of Women Voters of White Plains committment to encourage an informed and engaged electorate, we summarize the City of White Plains Comprehensive Annual Financial Report (CAFR).
The City of White Plains’s comprehensive annual financial report (CAFR) covering the fiscal year July 1, 2018, to June 30, 2019, has good news. The city’s total fund balances as of June 30, 2019, were $44.2 million, an increase of $7.0 million from June 30, 2018. $33.1 million of the total was committed or restricted for particular purposes, leaving an unassigned fund balance of $11.1 million, up $6.3 million from a year earlier. This despite debt increasing from $161.9 million to $151.9 million. An additional $43.1 million of borrowing had been approved by year-end. Excluded from the debt total is $667 million of post-retirement benefits accrued as a liability.
While that is plenty of long-term debt, in the short term things are much more manageable. Cash and cash equivalents of $101 million as of June 30, 2019, was more than adequate to pay current liabilities of about $38 million.
Revenue was up $9.5 million from the prior year. Grants accounted for about $1.7 million of that increase. Charges for services increased almost $4 million, most of that being due to building permit fees, and taxes produced an additional $2 million compared with 2017/18. Investment earnings increased $1.1 million while sales tax revenue increased $39,000. In comparison to the budget, General Fund revenues were about $3,000,000 higher (excluding restricted sales tax). Again, that was largely due to building permits and interest income. At the same time, General Fund expenditures were $9.1M below budget. They increased $1.4 million from 2017/18.
The complete CAFR is available at https://www.cityofwhiteplains.com/DocumentCenter/View/5541/2018-2019-CAFR
Submitted by LWVWP Board Member Clifford Blau