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Finance director warns Alpena may end FY26 with a $2.0M gap; revenues at 83% to date
Summary
Finance director Anna Sork presented June 30 preliminary results: amended budgeted revenue $15.4M, revenue received $12.9M (83%); expenditures $14.9M (91.25%); a current deficit of $2,007,731 and a projected ending fund balance of about $3.1M (21.3%). Staff cautioned numbers are preliminary before the October audit.
Anna Sork, the city’s finance director, presented the preliminary fiscal-year-to-date report as of June 30 and warned that the city is projecting a year-end deficit based on current postings. She said the original revenue budget of $13.8 million was amended to $15.4 million and that revenue received to date is $12.9 million, or about 83% of the amended total. Expenditures are at $14.9 million (91.25% of the amended appropriation), producing a negative variance of $2,007,731 in the current reporting.
Sork noted specific line items driving the variance: community and economic development reimbursements for blight removal are more than $153,000 below budget; a $450,000 state grant for rec and culture has not been received; transfers in remain low pending receipt of $400,000 from the DPW construction fund and about $700,000 from ARPA for restroom projects. She said staff can still post back revenues and expenditures through the end of August and that final numbers could change before the October audit. Council voted to receive and file the financial report.
