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Auditor Completes Review of CAFR

09/17/2014
Auditor Completes Review of CAFR

External auditors have completed a review of the Comprehensive Annual Financial Report for the City of Allentown for 2013. The report indicated a “Net Change in Fund Balance” of $47,145,822. Much of this can be attributed to the city completing a concession lease agreement of its water/sewer utility system in 2013. This transaction eliminated essentially all of the city’s crippling unfunded pension liability.

2013 was a year of monumental development and accomplishments towards the City of Allentown achieving long-term financial and community stability. Yet, management recognized this is just the beginning of an on-going process. Revenue initiatives and cost control measures continue to be implemented in order to keep the momentum of this success moving forward.

“I’m pleased that in 2013 we were able to see a strengthening of the city’s financial position by realizing such a significant “Net Change in Fund Balance,” said Mayor Ed Pawlowski. “This important improvement is indicative of the extremely hard work and effort put in by all city employees to work towards this goal. This achievement also recognizes the successful efforts of City Council & the City Controller to effectively control spending and to consistently monitor activities on both sides of the ledger.”

New business growth and related employment opportunities are revitalizing the core of the city.

Substantial investments in the new NIZ development area will provide for a more stable ongoing financial position as tax revenues from the investments are achieved.

The city is rated A3 with a stable outlook by Moody’s Investors Service and BBB+ with a positive outlook by S&P.

Copies of the report have been delivered to the City Clerk. The city’s external auditor will formally present the CAFR to City Council’s Budget & Finance Committee on Thursday, September 18 at 5:30pm.

The CAFR has been published on the city’s website at www.allentownpa.gov.

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