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Finance director reports strong finances, Moody’s AAA rating, and fund balance above policy floor
Summary
Finance Director Matthew Menino presented the town’s 2024 Annual Comprehensive Financial Report (ACFR): Bedford’s net position increased by about $3.9 million, the town holds a very strong fund balance (unassigned fund balance 14.7% of appropriations) and Moody’s assigned a AAA rating prior to a July bond sale.
Matthew Menino, the town finance director, presented Bedford’s Annual Comprehensive Financial Report for fiscal year 2024 at the Aug. 13 meeting, reporting continued fiscal strength highlighted by a Moody’s AAA rating and an increase in net position of roughly $3.9 million.
Menino said Bedford’s net position rose to about $96.1 million, driven largely by investment income and higher sewer‑use fees; the town’s capital-asset investment less related debt totals about $84.5 million. Menino noted that the town’s unassigned general‑fund balance stood at $16.7 million for…
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