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Council receives third-quarter financial report; city remains above minimum fund-balance policy
Summary
At 75% of the fiscal year, Alpena’s amended revenue and expenditure numbers put the general fund at a projected 21% fund balance; council received and filed the city finance director's third-quarter report and approved associated budget amendments discussed in the packet.
The Alpena City Council received and filed the third-quarter fiscal-year 2025 financial report at its April 21 meeting.
The finance presenter noted revenues year-to-date of $9,594,490 against an amended budget of $14,616,022 (about 65.6% collected at March 31). Expenditures to date were $9,700,000 of an amended budget of $15,699,000 (about 62%). The report explained several variances: tax revenue collections were at 99.6% of budget; ambulance…
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