Finance

Our mission is to provide financial services in an efficient, effective manner as well as act as a conduit between the financial offices of the City to set forth operational principles and best practices to minimize the cost of government while maximizing constituent services and the public policy goals of the City Manager.

The Finance Department is led by the City’s Chief Financial Officer and oversees all of the financial departments of the City including the Assessing, Budget, MIS, Purchasing, and Treasurer Departments. It prepares annual operating and capital budgets. It also provides ongoing support of the budget throughout the year such as approving transfers, preparing quarterly reports, reviewing monthly data, and preparing trend analyses.

Finance also maintains dynamic 5-year forecasts for all operating funds, including Enterprise Funds. This model is continually updated for changes in union contracts, debt authorizations, financing transactions, general economic trends, rate and fee changes, and budget updates. Specialized analyses such as health insurance monitoring and utility analysis are generated from Finance. Finance contributes analysis to any substantial operational change that has a fiscal impact. Finally, the Finance Department is the point of contact for any debt financing issues.

City of Lowell Finance Documents

Operating and Capital Budgets

  1. City of Lowell FY2023 Adopted Budget
  2. Informational - FY2023 Budget Presentation to City Council
  3. City of Lowell FY2022 Adopted Budget
  4. City of Lowell FY2021 Adopted Budget
  5. City of Lowell FY2020 Approved Budget
  6. City of Lowell FY2019 Adopted Budget
  7. City of Lowell FY2018 Adopted Budget
  8. City of Lowell FY2017 Adopted Budget

Audited Financial Statements and Management Letters

  1. FY2021 City of Lowell Basic Financial Statements (Audited)
  2. FY2021 City of Lowell SEFA (Audited)
  3. FY2021 Audited Financial Statements - Management Letter (with response)
  4. FY2021 Depreciation Schedules - Parking Enterprise Fund Asset Detail
  5. FY2021 Depreciation Schedules - General Fund Asset Detail
  6. FY2021 Depreciation Schedules - Sewer Enterprise Fund Asset Detail
  7. FY2021 Depreciation Schedules - Water Enterprise Fund Asset Detail
  8. FY2020 Audited Financial Statements and Management Representation Letter
  9. Lowell FY2019 Management Letter
  10. Lowell FY2019 Financial Statements

FY2021 Community Compact Grant - COVID Financial Forecast Report

  1. Lowell Financial Forecast Review FINAL 6.17.21
  2. 20210728 - Congratulations Letter from Lt Governor

City of Lowell Official Statements - Continuing Disclosure Requirements

  1. FY2021 Lowell Annual Report (Official Statement)
  2. 20-03-11 Lowell revised draft POS

Accomplishments

FY2021 Accomplishments of the Finance Department:

  • City was awarded the GFOA Distinguished Budget Award for FY20.
  • Completed a refunding in September of FY2021, which generated total net savings of $824,019 through the remaining life of the bonds refunded.
  • Limited the tax increase in FY2021, providing the residents of Lowell with one of the lowest average single family tax bills in theCommonwealth (229th lowest of 329 communities who reported to the Department of Revenue in FY2021).
  • Finished FY20 with a $3.9 million in “free cash”