AUBURN – The city ended fiscal year 2003 $18.6 million in the black, according to a new financial annual report adopted by councilors Monday night.

For the first time, the annual report included an estimated worth of city roads, buildings, vehicles and other assets balanced against city payroll, debt and other liabilities.

“These are changes designed to make annual audits more user friendly,” City Manager Pat Finnigan said.

The statement shows the city had $93.2 million in assets – including $67.2 million in roads, buildings and streets. The city also had $74.7 million in liabilities, including $58.4 in outstanding debt, according to the statement.

The report reflects new federal auditing guidelines, including a line-by-line list of the city’s assets and liabilities and a narrative discussion about the city’s financial situation. Those weren’t included in last year’s annual report, according to Kathleen Tyson, an accountant for auditing firm Runyon, Kersteen and Ouellette.

“If you don’t follow these guidelines, it’s not like anybody’s going to be going to jail,” Tyson said. “But these are looked at by rating and bonding agencies and can help determine the city’s credit rating. So they are important.”

Councilor Marcel Bilodeau said he thought the new perspective would change the way the city manages its budgets.

Tyson assured councilors that the familiar financial statements from previous years were included as well.

Between June 30, 2002 and 2003, Auburn’s annual debt payments for both municipal and school departments increased from $7.9 million in 2002 to $8.3 million in 2003. Debt payments now make up 14.4 percent of the city’s general fund spending.

In all, the city took in $58.3 million in 2003, including $37.8 million in taxes.

Copies of the annual report are available in the City Clerk’s office.

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