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2019 CAFR audit released in Manchester

The 2019 Comprehensive Annual Finance Report (CAFR) was presented at the video conference Board of Aldermen meeting for the city of Manchester on July 20. It was prepared and presented by Audit Manager Mollie Malone of Stopp & VanHoy, CPAs and business advisors.

The annual audit presents financial trends, revenue capacity, debt capacity, demographic and economic information and operating information for the current year and nine years prior.

Key highlights for the 2019 CAFR report include:

  • A reduction of tax increment finance (TIF) bonds due by approximately $9.8 million.
  • A decrease of general obligation bonds by $625,000, due to the regular payment to pay for Proposition S improvements.
  • Sales tax revenue increasing by $1.2 million, which includes Proposition P money.
  • Unrestricted cash position increasing approximately $2.7 million with the largest increases in capital projects cash ($763,000) and parks and stormwater cash ($1.8 million).
  • Restricted investments decreasing approximately $8.9 million due to liquidation of TIF debt reserves and use of Proposition S service proceeds for the Proposition S program.

Stopp & VanHoy issued an unmodified or “clean” opinion on the Manchester financial statement for the year ended Dec. 31, 2019.

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