Rutland City has received its second “clean” audit of financial statements, under the helm of its treasurer, Wendy Wilton, an unsuccessful candidate for state treasurer in 2012.
The unqualified, or clean, opinion of its financial statements received for fiscal year 2011 was the first Rutland had received in 32 years. This year’s audit is only the second clean one in more than 30 years.
“The City has demonstrated increasing fiscal strength by continuous balance sheet improvement,” said a statement from Wilton’s office, sent last week. Wilton told Rutland’s Board of Aldermen last week that the city is in a “strong financial position,” with $2.9 million in unassigned funds.
But Rutland also bears the burden of $23 million in unfunded pension liabilities, “which must be resolved,” according to the statement. During her November 2012 campaign, Wilton repeatedly drew attention to the state’s $1.2 billion unfunded liability for teacher and state employee pensions, pointing it out as a key financial weakness for the state.
In fiscal year 2009, Rutland had net assets of about $13 million, but after the city reduced pension liabilities, net assets increased to $34.6 million by the end of fiscal 2012.
A four-term Rutland City treasurer, Wilton won election in 2007. She campaigned for state treasurer on her record as putting Rutland’s finances in order over her five years there.
The report, done by St. Johnsbury-based Corrette & Associates, P.C. says the city’s financial statements represent its actual financial situation fairly.
The report also says that Rutland’s Water Fund and Parking Meter Fund had cash as of June 30, 2012, though its Sewage Disposal Fund had run dry.
