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City in “super financial condition” despite annual shortfall

Submitted by on January 9, 2019 – 12:44 amNo Comment
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A local accounting firm says the City of Alpena’s finances are on solid ground despite finishing the 2017-18 fiscal year with a shortfall in the general fund budget.

A comprehensive annual financial report for 2017-18 was shared with the municipal council this week, by Straley, Lamp & Kraenzlein, the firm that conducted the audit.

The 200 page report revealed that even though revenues exceeded expenses, the city’s general fund budget ended the year with a deficit of approximately $233,000.  That partially due to the fact that city officials used some of the general fund to supplement other funds such as the major street fund.

City Manager Greg Sundin also noted the general fund budget would have produced a small surplus had it not been for the repair of the walkway that collapsed at North Riverfront Park.

Mark Sandula, C.P.A. and auditor from Straley, Lamp & Kraenzlein, said despite the annual shortfall, “The city is in super financial condition.”

The city started the fiscal year with a general fund balance of approximately $2.76 million.  That fell to about $2.52 million.

The city’s fiscal year runs from July 1 through June 30.

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