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Orono reports healthy midyear finances; building-permit revenue tracking above last year
Summary
City finance staff presented a Q2 2024 update showing general-fund revenue at about 57.56% of budget at midyear, building permit revenue tracking above last year and interest allocations deferred to year-end audit.
Orono’s finance staff presented the city’s second-quarter 2024 financial update, telling council that general fund revenue is tracking at about 57.56% at midyear and that building permit receipts are running ahead of the same period last year.
Maggie (finance staff) noted some revenue line items are typically recognized later in the year — for example, police state aid is not received until October and interest is allocated at year end during the audit — which helps explain timing differences. She said charges for service were at roughly 77.56%, driven in part by the second half of police-service fee collections.
Maggie said the city anticipates a positive net income position for 2024 and that some line items (public works and special services) are above 50% of budget at midyear due to seasonality (street maintenance purchases and reimbursable wage allocations). She reported 2024 interest earned of about $181,000, which will be allocated across funds at year end.
Council members thanked Maggie for the update and asked no substantive follow-ups at the meeting. The presentation closed with staff indicating they expect to meet or exceed permit revenue budget assumptions based on current trends.
