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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 transport and other public-safety fees lagged expectations; land-bank and blight-elimination receipts and recreation-capital grants (Culligan Plaza, volleyball courts) were lower than budgeted and moved between years; and several capital projects were delayed into the next fiscal year.
The presenter summarized budget amendments made during the quarter, including election laptop replacement (grant-funded), Thunder Bay River Center and youth-recreation grant amendments, increased assessor inspections, police riflery purchases and lease-liability accounting adjustments. The presenter said transfers expected from DPW construction and ARPA funds are being re-timed; some of those amounts were moved to the next fiscal year.
Council was told the fiscal projection at June 30 would leave a general-fund balance of about 21% under the amended budget. Council policy sets a minimum fund-balance target of 10% and a maximum of 20%; staff noted the city continues to carry a higher fund balance than the minimum and discussed options to use or allocate excess balances for capital projects or pension contributions.
A motion to receive and file the third-quarter financial report passed by recorded vote. Council asked staff to present the proposed fiscal-year 2026 budget at the next meeting with updated projections and any recommended uses of fund balance.
