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Finance director outlines city—s financial position; council questions auditor tenure and debt presentation
Summary
Seabrook—s finance director presented a detailed monthly financial report for January and reviewed fund accounting, fund balances, debt types and budget forecasts. The presentation emphasized a healthy general fund balance but prompted council questions about auditor rotation and how debt and bonds were presented in prior materials.
Seabrook—s finance director delivered an expanded financial briefing on Jan. 2025 numbers and the city—s fiscal structure at the Feb. 18 council meeting, outlining fund balances, revenue drivers and outstanding debt.
The director explained the city—s fund-accounting structure, noted the general fund budget is balanced and said the city entered the fiscal year with an adopted general-fund fund balance of approximately $9.6 million. The presentation highlighted requirements for emergency reserves (25% of operating costs for the general fund) and for enterprise fund reserves (15% of enterprise expenses), and noted the city holds $1.6 million in council-committed funds from…
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