Special to the Record
Chelsea has released an independent financial audit report that showcases the city’s strong financial management and track record of making smart investments, according to the city manager’s office.
The Annual Independent Financial Audit report for Fiscal Year 2024 (FY24) presents a detailed review of Chelsea’s financial operations and confirms the City’s sound fiscal management and compliance with federal and state regulations.
“This report reaffirms our long-standing history of, and commitment to, strong financial oversight, public accountability, and responsible stewardship of public funds,” said City Manager Fidel Maltez. “We thank our Finance team and City departments for their diligence and dedication in keeping Chelsea’s finances in a position of strength.”
For the 26th consecutive year, Chelsea has also received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA). This national recognition reflects the City’s long-standing commitment to transparency, accountability, and professionalism in managing public funds.
“As a proud member of the Budget & Finance Subcommittee, I am thrilled to see Chelsea’s financial strength and integrity reaffirmed by this independent audit,” said City Councilor Kelly Garica. “This report is more than numbers—it’s a testament to the care, collaboration, and commitment our city brings to every decision. Chelsea continues to show what’s possible when we lead with transparency, responsibility, and heart. ¡Pa’lante Chelsea!”
The FY24 audit, which was completed by Roselli, Clark & Associates, includes:
The Governance Letter, which replaces the prior Management Letter, and reports no material weaknesses or significant deficiencies.
The Single Audit Report, confirming the City is in full compliance with federal funding requirements, including the American Rescue Plan Act (ARPA).
The Contributory Retirement System Report, reflecting improved pension funding with the City’s net pension liability, which has decreased by $16.7 million.
“We are doing well financially, so let’s keep moving forward and watch our spending,” said Councilor-at-Large Leo Robinson.
The audit also includes City’s Annual Comprehensive Financial Report (ACFR), which showcases Chelsea’s continued financial strength and commitment to transparency as outlined in the following figures:
· A total net position increase of approximately $67.3 million, driven by conservative fiscal management and strategic investment; and
· The City’s Unassigned General Fund, often referred to as a rainy-day fund, has a balance of $55.7 million—well above industry standards. This high-balance well-positions the City to respond to economic challenges without sudden tax increases or service cuts.
“This audit is more than just numbers on a page—it’s a reflection of the trust our residents place in us and the commitment we’ve made to protect our City’s finances,” said Calvin T. Brown, Chelsea City Councilor. “We’re proud to see Chelsea once again recognized for its financial transparency, resilience, and smart planning. These results show that we’re not only meeting our fiscal responsibilities—we’re building a stronger, more stable future for our community.”
The FY2024 Annual Comprehensive Financial Report (ACFR) is available online at www.chelseama.gov/financedocs