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Brighton council hears revised six‑year forecast, fund‑balance higher than previously reported
Summary
Finance Director Liz Gaines told the City Council a corrected beginning fund balance raised the city's unassigned and assigned fund balance to about 49% of next year's expenditures and that several bond and millage funding choices remain to support street projects.
Finance Director Liz Gaines told the Brighton City Council on the city's revised six‑year forecast that a correction to the unassigned beginning fund balance for fiscal 2024–25 substantially raised the city's available fund balance.
Gaines said the corrected figure increased the city's unassigned and assigned fund balance as a share of next year's expenditures and that the combined assigned/unassigned balance now stands at about 49% of next year's expenditures, well above the council's 15% minimum requirement. "I think all of us can breathe a little bit easier with that number," she said.
The forecast discussion also included updated revenue expectations from new construction and property completions. Gaines said a commercial project on Second Street added about $170,000 to the current…
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