For the sixth year in a row, the City of Parkersburg has received an unmodified audit opinion, highlighting its continued commitment to fiscal responsibility and financial health. According to a press release from Mayor Tom Joyce, the city’s financial statements and federal programs for the fiscal year ending June 30, 2024, showed no findings or issues requiring corrective action.
A Stronger Financial Position
Mayor Joyce emphasized that the city’s financial standing has significantly improved due to key policy decisions over the past several years. One of the most impactful measures was closing the existing police and fire pension plans to new hires in 2017. This move, combined with the retention of operating reserves, has helped Parkersburg strengthen its financial stability and prepare for future obligations.
The city’s total net position, which accounts for all assets minus liabilities across all funds, has dramatically improved. In 2017, Parkersburg faced a financial deficit of $63,702,410. As of June 30, 2024, the city now boasts a surplus of $10,077,214. This remarkable turnaround underscores the city’s efforts in prudent financial management and long-term planning.
Smart Investments for Growth
The press release also highlighted that $26.1 million of the city’s fund balance is currently invested in capital assets. These assets support both governmental and enterprise fund operations, ensuring that Parkersburg continues to develop infrastructure and provide essential services to residents.
Mayor Joyce credited this fiscal improvement to a collective effort between city leadership and financial management teams. “This fiscal improvement did not occur overnight, and it wasn’t a singular effort from the administration,” Joyce said. “For eight years, I have been able to work with 15 different city councilors to put Parkersburg on a path of fiscal discipline.”
The Keys to Financial Stability
The city’s ability to maintain flat budgets while fostering gradual revenue growth has been a cornerstone of its financial strategy. Joyce noted that this stability has allowed for:
- Gradual pay raises for city employees – Ensuring competitive compensation while keeping costs manageable.
- Debt elimination – Reducing financial liabilities to free up resources for future initiatives.
- Prudent capital equipment purchases – Exercising caution in procurement to avoid unnecessary expenditures.
By adopting these measures, Parkersburg has positioned itself for sustained financial success without imposing additional burdens on residents and taxpayers.
A Positive Impact on Bond Ratings
One of the key benefits of Parkersburg’s improved financial position is its ability to secure a strong bond rating. The city recently received an Aa3 bond rating, a testament to its sound financial management. This rating played a crucial role in the issuance of revenue bonds to finance two major projects:
- Activity and Recreation Center at City Park – A new facility aimed at enhancing community engagement and recreational opportunities.
- Replacement of Fire Station 3 – A necessary infrastructure upgrade to improve emergency response capabilities.
The city was able to finance these projects without increasing financial pressure on residents, thanks to its disciplined financial planning.
Recognizing the Efforts of City Leadership
Mayor Joyce extended his appreciation to Parkersburg’s Finance Director, Eric Jiles, and his team for their diligent efforts in maintaining financial transparency and compliance. “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.”
Looking to the Future
With six consecutive clean audits and a steadily improving financial outlook, Parkersburg continues to demonstrate its commitment to responsible governance. The city’s ability to balance growth, employee compensation, and infrastructure investments without straining taxpayers serves as a model for municipal financial management.
As Parkersburg moves forward, the emphasis remains on maintaining financial stability, improving public services, and ensuring long-term sustainability for future generations.
