JAMESTOWN – Jamestown city officials last night learned that the city finished the 2011 fiscal year with a deficit. According to an article in today’s Jamestown Post-Journal, city Comptroller Joe Bellitto said the city experienced nearly a $334,000 deficit of revenues over expenditures last year. Mayor Sam Teresi said it is the first time since the city began budgeting money out of its fund balance as a budgeted revenue stream that officials have actually had to use that money as part of the reconciliation of a fiscal year.
Bellitto said the leading factors which contributed to the deficit included unanticipated retirement buyouts, cuts in state aid and extra spending on gasoline and diesel fuel. The comptroller added that the city still fell within one percent of what was budgeted, which he believes is still a good sign.
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