PETERSBURG, Va. (WRIC) — Just three years ago, the City of Petersburg had a $7.7 million deficit. Today the city announced they have a better handle on their cash flow and have an unassigned fund balance has $8,060,337.
Petersburg City Manager Aretha R. Ferrell-Benavides said they did this by adopting new financial policies — for example, cracking down on collections.
In 2017, the city’s collection rate was 60 percent. Now, the city says they are ensuring all revenues due to the city are billed and collected.
“This is proof that our strategic budgeting and financial practices are working,” Ferrell-Benavides said.
The unassigned fund balance for the 2018-2019 fiscal year reached a 10-year high for the city, officials said during a press conference Tuesday.
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