Annapolis sees surplus after 1994 fiscal year

August 29, 1994

The receipts have been tallied and the bills have been paid, and it looks like Annapolis finished the 1994 fiscal year with money to spare.

According to figures City Administrator Michael Mallinoff released yesterday, the city ended the fiscal year on June 30 with a surplus of $1.66 million.

The city had a general fund surplus of $2.07 million and a loss of $411,000 in its enterprise funds that include water, sewer, parking and transportation funds. Most of the deficit came from the transportation fund, which ended the year $895,000 in the red.

Mr. Mallinoff said that, for the most part, the city ended the year in better financial shape than expected, thanks in part to cost cuts enacted in the spring.

The surplus from 1994 brings the total in the reserve fund to more than $9.6 million.

The numbers are subject to an outside audit that will be conducted next month.

If the city posts another surplus in the current fiscal year, the administration may recommend a cut in the property tax rate for fiscal year 1996, Mr. Mallinoff said.

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