State Aid Credited with City of Jamestown Ending 2020 with Surplus
The restoration of State Municipal Aid accounted for why the City of Jamestown ended 2020 with a surplus. City Comptroller
Ryan Thompson reported unaudited year end financials to City Council last night. Thompson said revenues were down 1.7-percent but expenditures down 4.3-percent from what was budgeted, leaving the city with a $975,643 surplus,
“If you recall, the state had withheld 20% of our revenues in 2020 and if you fast forward now to today we’ve actually received 15% of that 20% reduction and we will be also receiving the remaining 5%, so for 2020 we will not have a variance from a state aid perspective in the revenue.”