City Receives Positive Feedback from FY25 Audit Report

Mark Gandolfi, Cumberland’s Chief Financial Officer, presented the city’s Fiscal Year 2025 Audit Results at Tuesday’s Mayor and Council open work session.  The audit reported that the city’s debt has declined by half a million dollars, and their bond rating, now a AA-, is the highest it has been in over two decades, according to Gandolfi…

“From 2022 to today, we’ve gone from an A stable, to an A+, to a AA-, and that’s fantastic, and everybody’s involved in that.  From the cashier who takes the payment for the water all the way to Mayor and Council who set policy and help us follow that, and of course you’re finance department and manager all has a piece.”