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2018 Preliminary Annual Financial Report Presentation
Saratoga Springs, NY -- Commissioner of Finance Michele Madigan reports that for the seventh consecutive year, The City of Saratoga Springs closed the prior fiscal year in excellent financial position. Unaudited year-end figures reveal a 2018 annual operating surplus of $1.2 million, driven by a combination of increased revenue and lower-than-forecasted expenses. Commissioner Madigan stated, “I’m exceptionally proud of the City’s financial performance in 2018, as it reflects the collaborative, hard-working spirit currently imbuing City Hall. Despite increased personnel costs, a handful of underperforming revenue lines, and the costs associated with the lightning strike to City Hall this past August, the 2018 budget realized a surplus thanks to the strong performance of several departmental revenue lines and the continuing City-wide effort to keep expenses under-budget to the benefit of taxpayers. Additionally, the City benefitted from a strong local economy, which includes a record year for sales tax revenue. This surplus will roll into the City’s Fund Balance, and will ensure that City residents and businesses will continue to receive the exceptional and affordable services they have come to know, while the City remains fiscally well-positioned for the future.”