An independent auditing firm Roselli, Clark & Associates has audited the financial operations of the City of Chelsea and released a public report that presents a detailed review and confirms the City’s sound fiscal management and compliance with federal and state regulations. The report has been made available on the City’s website at www.chelseama.gov/financedocs.
Paul Sagarino, Chelsea Deputy City Manager of Finance, said, “This report reaffirms Chelsea’s nearly 30-year commitment to strong financial oversight, public accountability, and responsible stewardship of public funds. The City’s Finance team continues to put in a tremendous amount of effort to keep Chelsea’s finances in a position of strength.”
The audit has earned Chelsea a 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.
The FY25 audit includes the 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 $46.0 million, driven by conservative fiscal management and strategic investment; and
• The City’s Unassigned General Fund has a balance of approximately $62.1 million—well above industry standards. This high-balance well-positions the City to respond to economic challenges without sudden tax increases or service cuts.
• The audit also includes the Single Audit Report, which contains no material findings, confirming the City is in full compliance with federal funding requirements, including the American Rescue Plan Act (ARPA).
For questions about the audit, please contact Paul Sagarino, Deputy City Manager of Finance, at 617-466-4105 or [email protected].