AUBURN – The city’s rainy day fund is about half of what it should be, according auditors.
The city has about 4 percent of its annual spending set aside in undesignated fund, and auditor Kathy Tyson that’s about half of city’s goal.
“For most cities, that is the goal,” Tyson said. “You’re making good progress.”
Tyson presented the annual audit by South Portland’s Runyon, Kersteen and Ouellette to the city Monday. That’s the map of finances for July 2004 through June 2005.
“It’s probably pretty good reading if you’re having a tough time sleeping,” Tyson said. “But it does tell the story of the city, and it is full of good information if you know where to look.”
Most cities in Maine are trying to set aside about 8.3 percent of their annual expenditures, she said. That represents enough money to run the city for one month without any additional revenues.
Auburn ended the 2004-05 fiscal year with a $3.58 million general fund surplus between municipal and school operations. That amounts to about 4 percent of city’s expenditures for the year.
“It’s money that the credit rating agencies like to see,” City Manager Pat Finnigan said. Auburn has been working on building fund balances since 2003.
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