(Photo Illustration - MetroCreaticeConnection)

PARKERSBURG — For the seventh consecutive year, the City of Parkersburg’s annual audit had no findings or other items requiring corrective action on the financial statements or federal programs, according t a release from Mayor Tom Joyce.

Joyce said the unmodified audit showed the city’s financial position continues to improve. Overall, the city’s 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 $10,226,348 as of June 30, 2025.

In the release, Joyce noted while the city has realized a surplus, $27.5 million of fund balance is invested in capital assets for governmental and enterprise fund operations. The conversion of the total net position deficit to a surplus represents an improvement of $73.9 million from FY2017 to FY2025.

Improvement in net position, Joyce said, enabled the city to obtain a Aa3 bond rating, resulting in the issuance of revenue bonds to finance construction in progress of the Activity & Recreation Center at City Park and Fire Station No. 3 without the need to levy any additional financial burden on residents and taxpayers.

He added the closure of the local police and fire pension plans to new hires, and proper funding thereof, has resulted in a funding ratio of 56.67% and 58.12%, respectively, as of June 30, 2025. This is an improvement from the June 30, 2017, funding ratios of 19.18% for police and 23.94% for fire.

“This audit result and the subsequent city financial position isn’t an accident,” the release said. “I must again credit the city council and our department heads for their continued support of fiscal restraint, long range financial planning and commitment to leaving the city positioned for growth and prepared for uncertainty.”

“The annual audit is a protracted process and these results are largely attributed to the finance department staff and their commitment to policy and procedures adherence day in and day out across our procurement, accounting and payment operations and systems,” said Eric Jiles, finance director.