Report: City of Haverhill Spending on Target; Gets Boost From Investing Federal Grant Money

City Auditor and CFO Angel A. Perkins. (WHAV News file photograph.)

Click image for Haverhill City Council agenda.

The Haverhill City Council is expected to see relatively good news when it undertakes its review tonight of usually rather mundane monthly finance reports.

City Auditor and CFO Angel A. Perkins, in a written preview of her report, says the city has enjoyed substantial returns in its investment account by earning interest on federal American Rescue Plan Act money.

“As indicated in the revenue report, the general fund revenue is trending on target including a significant boost in earnings on investments which the city has received from investing its ARPA funds. Year to date, the city has earned $1.5 million in investment earnings. Two years ago, before these funds were available for investment, the city earned just $156,834,” she wrote.

Perkins says the city budget is on target, but she warns, “with very little projected excess.” She notes the city’s snow and ice expenses—which are permitted under state law to carry deficits—are lower than past years. The public works department’s current year budget for snow and ice removal is $481,651, but $1.1 million has been spent so far. She said she expects unspent money left in various city departments by the June 30 end of the fiscal year is expected to cover any shortfalls. The city also maintains budget reserve accounts with a set-aside for winter storm costs.

The Haverhill City Council meets tonight at 7, remotely and in-person at the Theodore A. Pelosi Jr. Council Chambers, room 202, Haverhill City Hall, 4 Summer St., As a public service, 97.9 WHAV plans to carry the meeting live.

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