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Finance committee reviews interim financials and draft audit; fund-balance transfer noted
Summary
City staff briefed the finance committee on general fund interim results for the quarter ending March 2025 and presented draft audited financial statements for the year ending June 30, 2024, noting revenue and expenditure variances and transfers to reserves.
City staff presented interim financial reports for the quarter ending March 31, 2025, and a draft of the audited financial statements for the year ending June 30, 2024, at the May 19 Bangor City Finance Committee meeting.
Staff said general fund revenues exceeded the adopted budget by about $1.2 million (roughly a 1.3% positive variance) after excluding school-related revenues. Major contributors cited included higher-than-expected excise-tax receipts, increased commercial-trash revenue (about $214,000), and…
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