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From Mayor Christenson relative to the city’s response to the FY2013 Management Letter
Dear Members of the City Council:
I am submitting for your review the Fiscal Year 2013 Management Letter which includes a report of the audit conducted by Roselli, Clark & Associates. The City’s responses are highlighted in blue and follow each recommendation contained within the report.
Overall, the report indicates that in Fiscal Year 2013 we continued the trend of positive economic performance. Specifically, the report references the stringent budget controls and improved financial procedures which allowed us to maintain minimum reserve levels as required by City policy. This in turn led to a double step increase in our bond rating to AA which was the first time this rating was achieved in the City’s history.
The report also points out that Malden is in the top 10 communities in all of Massachusetts who report free cash. Additionally, our 10 year new growth average is about $1 million and we continue to address delinquent taxes which are now contributing significantly to the City’s revenues on an annual basis.
Finally, we continue to focus on strengthening our operating efficiency and have initiated corrective action in response to the findings contained in this report and in prior year management letters. We have already met with Department Heads impacted by the report and many of the recommendations were being implemented prior to the report’s release.
I would welcome the opportunity to discuss the Management Letter and the City’s responses with you. In the meantime, this information will be available on the City’s website for dissemination to the community. Thank you.
Sincerely,
GARY CHRISTENSON, Mayor