Fort Wright’s 2023-2024 financial audit shows the city is in a sound financial position, according to city officials.
John Chamberlain from Chamberlain Owens & Co. Inc. presented the city council with the audit report at the March 5 meeting.
Chamberlain found no material weaknesses or significant deficiencies in internal control and no “instances of non-compliance with laws[.]” They also have no concerns about any risk issues in the city’s finances.
He also noted that his firm recommends that cities have enough cash reserves to run without income for 3-6 months. That requires $2 million. Fort Wright has around $11 million in cash reserves, meaning the city can operate without income for 17 months.
Mayor Dave Hatter reminded the audience that Fort Wright was not always in this position.
“I remember when the city had an enormous amount of debt,” Hatter said. “Things were fairly bleak for a while, especially around 2007 and 2008. Due to council and staff’s hard work, we are in a much better position today.”
One of the financial decisions Hatter is most proud of is the city’s low payroll tax. He aims for this to continue.
“Hopefully, that allows you all to lower taxes again this year,” Hatter said.