2011 financial document released by city
June 15, 2012 · 2:33 PM
Port Orchard’s 80-page 2011 annual report shows a city that found some financial footing.
“2011 was more of a normal year,” said Port Orchard’s Treasurer Allan Martin. “The city started to find its footing.”
Included in the document that, according to Martin, captures all of the city’s finances, is an overview of the city’s financial statements, a statement of net assists, the city’s revenue stream and general expenses. The document was constructed to be turned over to the Washington State Legislature, to aid the state in compiling state-wide financial numbers. It was also created in an effort to help independent auditors, and in an effort of transparency for the city.
“This is a document that people can turn to,” Martin said. “It captures the city’s finances.”
Among notable points of interest from the city’s 2011 fiscal year include a $810,000 drop in governmental charges for services. Charges for services decreased 34 percent due to the city receiving one-time fees from Kitsap County for the McCormick Woods annexation, Martin said.
Total revenues in governmental activities decreased 2 percent. Property taxes shrank by $235,407 while total costs in governmental operations increased 14 percent. The net assets of the city, including buildings, parks and infrastructure increased by more than $1 million, largely because of the McCormick Woods annexation.
Martin said citizens could find interest in the city’s Schedule 16 of state and local grant listings, describing how much money the city received for grants and where the grant money was allocated. The city received $231,997 from the state in grants, much of it used for transportation projects.
Martin said next year’s financial statement will even out in terms of revenue and expenditures. He said the Bethel North Annexation, which happened earlier this year, won’t have a financial impact on the budget largely until next year, when most of the property tax revenue comes in.
Those interested in viewing the 80-page document can visit www.cityofportorchard.us.