Sunbury finance committee reviews $21.8M in investments and studies $800,000 shortfall scenario

The Sunbury City Finance Committee on Aug. 20 reviewed the city’s quarterly investment holdings and year‑to‑date revenues and discussed scenarios for a possible 10% cut to general‑fund revenue, about $800,000.

Dana Stefan, a city staff member who presented the financial packet, told the committee that as of June 30 the city’s total cash and investments were “just under 22,000,000, about 21,800,000,” with roughly 46% in same‑day liquidity accounts such as Star Ohio and First Commonwealth and about $11.89 million in Fifth Third Securities. Stefan said Star Ohio held “about 7,200,000” earning about “a 4.45 annual percentage yield” and that the Fifth Third portfolio had a book yield near 4.3% and an average life of about 2.68 years; she cited ORC 135 as the authority limiting maximum maturity to five years.

The presentation highlighted revenue variances and expense lines. Stefan said Sunbury has collected “a little over 4,000,000 of our $6,000,000 budget” in income tax so far, and that the general fund was budgeted at $8.9 million with year‑to‑date collections of $5.5 million. Interest income has…