Bristol comptroller reports stable revenues, clean audit and $43M fund balance

Comptroller Diane Waldron told the joint meeting of the Bristol City Council and Board of Finance that tax collections initially appeared behind prior-year pacing but, after accounting for late escrow postings, are comparable to last year. “We are at 57% on the current revenues compared to 66 in the prior year,” Waldron said, adding that with unposted escrow payments included the rate is roughly 65%.

Waldron highlighted several revenue lines: building permit fees are at about 77.3% of budget, conveyance fees are approaching 98% and investment income is roughly 50% after November postings. She noted the city increased its investment income budget for the year and that fiscal-year closing activity will continue over the next months.

Waldron also summarized the city’s audited financial statements. “We did get a clean audit report,” she said, and confirmed the auditors issued an unmodified opinion. The transmittal letter and the management’s discussion and analysis provide more detailed schedules and are available on the city website, she added. The comptroller reported the city’s total fund balance at about $43,000,000 with an unassigned portion near 11.6% and that the city used about $2.5 million of fund balance in the prior year to address board of education appropriations.

Council members asked routine clarifying questions about audit timing and the audit contract, which Waldron said runs through the June 2028 audit cycle. She encouraged members and the public to consult RSI schedules on pages 89 and 99 of the audit to compare budgeted amounts with actual expenditures.

The report drew acknowledgments from council members, who thanked staff and the external auditors for completing the work on time. No formal vote accompanied the presentation; the audit and financial reports will remain available for further review during the budget process.