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City presents unaudited 2024 year-end finances; wastewater shows temporary negative balance
Summary
Finance staff presented unaudited 2024 year-end results showing a 39% general fund balance target met, large timing-driven deficits in wastewater tied to capital projects, and early capital purchases that reduced reserves.
Matt, a city finance staff member, presented the City of Gardner’s unaudited 2024 year-end financial reports and said the figures compare 2024 actual performance to the 2024 revised budget and that audited numbers will be available in June.
The presentation said the general fund balance fell from about 45% to 39% because of planned uses of fund balance and one-time expenditures. General fund reserves declined from approximately $8.4 million to $7.6 million but ended about $250,000 higher than planned. Revenues increased about 4% from 2023 to 2024; building-permit revenue exceeded estimates while tax-related revenues declined, driven in part by lower gas franchise fees (about $233,000 in 2023 versus $182,000 in 2024). Court fines and fees also declined, affected by staffing vacancies and a downward trend since the pandemic, the presentation said.
On expendit…
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