PUBLIC NOTICE – INDEPENDENT AUDITOR’S PUBLICATION OF THE CITY OF NEW CATLE, LAWRENCE COUNTY -CONCISE FINANCIAL STATEMENTS –
In accordance with Section 1812(b) of the Third-Class City Code, the following is a summary of the 2019 Audit. The complete audit is available for at the City Building in the lobby, 230 N. Jefferson Street, New Castle, PA, Monday through Friday from 8:30 a.m. to 4:00 p.m.
CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE – GOVERNMENTAL FUNDS – YEAR ENDED DECEMBER 31, 2019
REVENUES, Real Estate Taxes $6,780,472; Act 511 and Other Taxes $8,740,664; Licenses and Permits $714,545; Fines and Forfeits $291,193; Interest $109,730; Intergovernmental Revenue $2,281,653; Departmental Earnings $2,120,643; Other Revenue $247,647; Total Revenue $21,286,547.
EXPENDITURES, General Government $2,322,934; Public Safety $7,165,493; Public Works $3,076,652; Culture and Recreation $653,081; Community Development $493,751; Miscellaneous $3,830,798; Debt Service $2,757,133; Capital Outlay $1,270,109; Total Expenditures $21,569,951.
Other Financing Sources $7,928,528.
Other Financing Uses $7,341,624.
Net Change in Fund Balance $303,500.
Beginning Fund Balance, January 1, 2019 $10,286,203.
Ending Fund Balance, December 31, 2019 $10,589,703.
CONDENSED BALANCE SHEET – GOVERNMENTAL FUNDS – DECEMBER 31, 2019
ASSETS, Cash $8,312,382; Taxes Receivable $3,720,633; Other Assets $1,618,280; Total Assets $3,651,295. LIABILITIES, Accounts Payable $399,329; Payroll Payable $292,841; Other Liabilities $569,211; Total Liabilities $1,261,391.
DEFFERED INFLOWS $1,800,201.
FUND BALANCE $ 10,589,703.
OTHER INFORMATION
Gross Debt at End of Year – General Obligation Bonds and Notes $20,470,995; Capital Leases $325,680; Compensated Absences $908,549; Net Pension Liabilities $12,175,728; OPEB Liability $9,660,486; Total Gross Debt $43,541,438. Sinking Fund Assets $1,783,108. Net Debt $41,758,330. Date of last Maturity (bonds) November 15, 2035.
Assessed Valuation of Taxable Property – Land $94,673,304; Improvements $391,453,306.
Capital Assets – Land $3,720,524; Buildings $7,514,987; Improvements $4,075,251; Equipment $7,046,666; Infrastructure $8,251,462; Accumulated depreciation $(16,966,321); Capital Assets, net $13,642,569.