EAST DUBUQUE, Ill. — A remarkable financial turnaround is underway in East Dubuque, as city officials celebrate significant progress nearly two years after concerns about the municipality’s fiscal health first emerged. The recent approval of the fiscal year 2024 audit marks a pivotal moment, affirming the city’s robust stride towards sustained financial stability.
The initial alarm about East Dubuque’s financial situation was sounded a couple of years prior, highlighting a substantial general fund deficit that required urgent attention. This period marked a critical juncture, prompting city leadership to implement stringent fiscal measures and strategic financial planning to rectify the situation.
According to the newly approved fiscal year 2024 audit, the city concluded the year with a general fund cash deficit of $644,795. This figure represents a considerable improvement when compared to the prior year’s audit, which reported a deficit of $1,010,328 at the close of the fiscal year in April 2023, underscoring effective deficit reduction strategies.
Further bolstering the positive financial outlook, the audit revealed a notable increase in the city’s revenue. From fiscal year 2023 to fiscal year 2024, East Dubuque experienced a 6.5% rise in revenue, equating to an additional $222,971, signaling stronger economic activity and improved financial inflows.
Earlier in the current year, the city council achieved another significant milestone by approving a balanced budget for fiscal year 2026. This forward-looking budgetary decision was met with enthusiasm, symbolizing the city’s successful return to a solvent financial position, colloquially referred to as being “back in the black.”
Among the strategic financial maneuvers undertaken, the council’s decision to allocate $182,000 in the spring towards fully paying off the mortgage of City Hall, located at 261 Sinsinawa Ave., stands out. This proactive measure aimed at reducing long-term liabilities and freeing up future financial resources.
City officials, including Seitz, emphasized the long-term benefits of such actions. While simply banking the money might have shown quicker “technical progress” on the deficit, prioritizing debt repayment yields substantial savings on interest, thereby placing the city in a much stronger and more sustainable financial position for years to come.
Seitz expressed strong confidence that the audit for the most recently concluded fiscal year, which ended on April 30, will continue to demonstrate positive financial momentum. This optimism stems from the city’s concerted efforts to minimize borrowing, systematically pay down existing debt, and prudently utilize cash for capital purchases whenever feasible, reflecting a disciplined fiscal approach.
These comprehensive strategies, a stark contrast to previous less structured periods, have undeniably made a significant difference. East Dubuque’s diligent commitment to fiscal responsibility and proactive financial management has paved the way for its ongoing journey toward robust and enduring economic health.
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