PETERSBURG, Va. (WRIC) — The City of Petersburg announced this week it has a budget surplus for the first time in 10 years.
City council announced the results of its comprehensive annual financial report on Wednesday, which suggested the city ended fiscal year 2016-17 with a surplus of more than $7 million. The report found that the general fund revenues were $73,069,843 and general fund expenditures were $65,861,125.
Additionally, the city says it nearly eliminated its previous deficit of $7.7 million down to only $143,933.
“The shadow of doubt over if the city will ever be sound financially again, and this is our first step in showing the people that we can operate the City of Petersburg in an efficient manner and we can do right by the taxpayer,” Mayor Sam Parham said.
Parham called it only the beginning of a strong financial future.