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Finance director presents preliminary FY24‑25 fourth‑quarter results; city fund balances stronger than earlier estimates
Summary
City finance staff presented a preliminary fourth‑quarter report for fiscal year 2024–25 showing revenues and expenditures below amended budgets and a reduced planned draw from fund balance compared with earlier estimates; major capital projects and grant timing accounted for much of the variance.
Finance Director Kim (last name not specified) presented a preliminary fourth‑quarter financial report to the Alpena City Council on Aug. 4, covering fiscal year 2024–25 as of June 30.
The report is preliminary, the director said, and still requires accruals and audit adjustments; an audit is expected in October. The city’s amended general fund revenue budget was about $14.1 million with recorded revenues of roughly $12.2 million (about 87% of the amended budget) at June 30;…
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