Financial Outlook – Town’s prognosis isn’t great, but it could have been worse

Wednesday, May 19, 2010
By Transcript Staff

That certainly was an encouraging report about the town of Winthrop’s current financial status from Tony Roselli of Roselli, Clark and Associates, the firm that has been auditing the town’s finances.

Roselli said Winthrop is moving in the right direction after having had a negative $400,000 balance in its free cash reserve just a couple of years ago. While Roselli advised officials that the town should build a future reserve fund of $4 million, roughly 10 per cent of the town budget of $40 million, the fact that Winthrop is proceeding in that direction after a difficult stretch in the economy is a positive sign.

Roselli lauded Town Finance Director Michael Bertino for his diligent work in helping the town meet the deadlines imposed by the state Department of Revenue. Bertino has been the town’s unsung hero during what many consider the toughest financial crisis the town ever has been through.

The captain of our ship of state, Town Manager James McKenna, also deserves credit for guiding us through these difficult times as Winthrop “turns the corner” financially and heads for calmer seas. McKenna was handed a difficult assignment when he took office. He’s done a lot to strengthen Winthrop’s financial outlook and has recognized the importance of having a strategy to keep the town on a strong footing.

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