Finance News (Photo Illustration/MetroCreative)

PARKERSBURG — For the sixth consecutive year, the City of Parkersburg received an unmodified audit opinion.

No findings or other items requiring corrective action were noted on the financial statements or federal programs for the fiscal year that ended June 30, 2024, according to a press release from Mayor Tom Joyce.

Joyce said the city’s financial position continues to improve as a result of actions like closing the existing police and fire pension plans to new hires in 2017 and the retention of operating reserves.

The city’s total net position — the sum of all assets less liabilities for all funds – has improved from a deficit of $63,702,410 as of June 30, 2017, to a surplus of $10,077,214 as of June 30, 2024, the release said. It notes that $26.1 million of its fund balance is invested in capital assets for governmental and enterprise fund operations.

“This fiscal improvement did not occur overnight, and it wasn’t a singular effort from the administration,” Joyce said in the release. “For eight years, I have been able to work with 15 different city councilors to put Parkersburg on a path of fiscal discipline.

“Flat budgets and gradual revenue growth are what made this turnaround possible; gradual pay raises for city employees coupled with debt elimination and self-imposed austerity with regards to capital equipment have made Parkersburg poised for the future,” he said.

The release credits the improvement in net position with enabling the city to receive an Aa3 bond rating ahead of issuing revenue bonds issued to finance the activity and recreation center at City Park and the replacement of Fire Station 3 without placing any additional financial burden on residents and taxpayers.

“Once again, I must applaud our Finance Director Eric Jiles and his team for their diligence and attention to details,” Joyce said. “He and the other department heads share my vision of fiscal prudence and compliance with regards to procurement and acquisition statutes and charter provisions.”