With final figures now available for 2014, it appears that the City’s fiscal position improved markedly during the last few months of the year, with a positive variance of about $2.5 million compared to the estimates in the budget adopted back in December.
The biggest chunk comes from greater than expected operational savings of about $1.2 million. Other pieces of good news include sales and mortgage tax revenue above projections ($325,000 and $150,000 respectively), as well as reduced health insurance costs (about $300,000.) It’s notable that the overall volume of sales in New Rochelle hit an all-time record in 2014.
The City’s multi-year budget projections are also looking brighter, although these kinds of long-term predictions are inherently uncertain, with lots of unknown variables.
The new figures testify to New Rochelle’s emergence from the painful effects of the Great Recession — but, even with the fiscal crisis behind us, our budgets remain very lean, and continued efficiency and prioritization are still essential going forward.