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Andover posts $372,000 general‑fund increase; unassigned fund balance remains below GFOA target
Summary
Auditor reported a $372,000 increase in the general fund for FY2024 and a favorable budget variance of roughly $407,000; the town’s unassigned general‑fund balance stood at about $1.6 million, roughly 13.1% of appropriations (about 1.6 months), below the GFOA two‑month guideline.
The town reported favorable fiscal‑year 2024 results, with an increase in general‑fund balance of approximately $372,000 and a favorable budgetary variance of about $407,000, the auditor said.
Michael Van Deventer said revenues and other financing sources were roughly $227,000 more than budgeted, driven by stronger state aid collections and higher interest on short‑term investments. Expenditures were about $625,000 less than…
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