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City finance director reports stronger-than-expected 2024 revenues; general fund balance increases
Summary
Director Chambers told council that the city ended 2024 with general fund revenues modestly above budget, driven by stronger development revenue and higher investment interest; overall fund balances increased and staff plans to present a sustainability model update to the council.
Newcastle Finance Director Chambers told the City Council on Feb. 18 that the city closed 2024 with revenues modestly ahead of budget and several funds underspent, resulting in an increase in year-end fund balances.
Key figures and drivers Chambers said general fund revenues finished the year a little more than $200,000 over budget, driven primarily by development revenue that came in roughly $300,000 above budget and stronger investment interest. She said the city reconciled interfund service charges at year-end, which…
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