PRESS RELEASE

Contact Information:

Mayor Troiano

Deputy Mayor Mikulski

Commissioner McConnell

609-846-2044

Release Date:

August 21, 2026

FOR IMMEDIATE RELEASE

CITY OF WILDWOOD ANNOUNCES STRONG RESULTS FROM 2025 ANNUAL AUDIT

WILDWOOD, NJ — The City of Wildwood is pleased to announce the completion of its 2025 annual financial audit, which resulted in a clean audit with no findings or recommendations. The results reflect the City’s continued commitment to sound financial management, responsible budgeting, and strong fiscal oversight.

The 2025 audit also highlights the City’s continued progress in strengthening its financial position. The City’s fund balance has steadily increased over the past three years, providing Wildwood with a stronger financial foundation and greater flexibility to address future needs while maintaining responsible tax and budget practices.

For 2026, the City entered the fiscal year with a fund balance exceeding $5 million. Of that amount, approximately 48% has been utilized in the 2026 municipal budget, allowing the City to support current operations while maintaining a substantial financial reserve.

The City’s debt position also remains strong. Debt service appropriations represent less than 10% of the City’s 2026 budget, while the City’s current net debt is approximately 1.834%, well below the statutory maximum of 3.5%. These figures demonstrate the City’s ability to manage its debt obligations while preserving financial capacity for future priorities and capital needs.

“Receiving a clean audit with no findings or recommendations is exactly what taxpayers should expect from their goverement. At this time we’ve continued to grow our fund balance and maintain debt well below statutory limits.  This puts Wildwood in a strong position today while giving us flexibility to plan responsibly for the future,” said Mayor Troiano. “Just as importantly, the steady growth of our fund balance and our responsible approach to debt demonstrates that we are managing Wildwood’s finances with the long term fianancial health of the City in mind. Our goal is to provide the services our residents and visitors expect while maintaining a strong and sustainable financial position.”

The City conintues to review departmental operations and financial performance taking corrective actions when necessary to improve fiscal accountability. “Financial responsibility requires more than simply reviewing the numbers at the end of the year,” said Commissioner Krista McConnell. “It requires identifying potential problems early, taking corrective action, and continuously looking for ways to improve operations.”

“The results of this audit demonstrate that Wildwood is moving in the right direction,” said Commissioner Steve Mikulski. The City of Wildwood remains committed to maintaining transparent financial practices, carefully managing taxpayer resources, and making informed decisions that protect the City’s financial stability.

Key 2025–2026 Financial Highlights

• 2025 Annual Audit: Clean audit with no findings or recommendations
• Fund Balance: Exceeds $5 million
• Fund Balance Trend: Steady increase over the past three years
• 2026 Budget: Approximately 48% of available fund balance utilized
• Debt Service: Less than 10% of the 2026 municipal budget
• Net Debt: Approximately 1.834%, compared with a maximum of 3.5%

The City thanks its finance staff, department heads, auditors, and elected officials for their continued efforts to maintain responsible financial practices and protect the long-term financial health of the City of Wildwood.

###