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County ends 2019 with estimated deficit of $500K

Submitted by on January 21, 2020 – 12:44 amNo Comment

Alpena County ended the 2019 fiscal year with an estimated deficit in the general fund budget of around a half-million dollars.

That’s according to Treasurer Kim Ludlow, who recently provided the county’s finance committee with an overview of the budget. Ludlow also asked the committee to approve 4th quarter budget adjustments.

Ludlow pointed out that over $300,000, mostly grant money, has not come in as of yet; and over $300,000 has not been spent for one reason or another. If the money remains unspent, and more of the grants come in, the end of year shortfall will be reduced.

In addition, commissioners in December, had Ludlow transfer $200,000 into a building maintenance fund, and another $50,000 into an equipment fund. That money is still sitting there and added to the size of the deficit.

The final tally on the bottom line won’t be known until a financial audit is completed on the books, later this year.

Even if the projected deficit were to hold up, the county would retain a healthy general fund balance of over $4.3 million, or 39.8 percent of expenses.