Fostoria finance committee reports $22.6 million cash, sets steps to pursue exit from fiscal emergency

The Fostoria finance committee heard an update from Finance Director Steve on cash balances and revenues and approved procedural steps to support the city’s planned petition to exit fiscal emergency.

Finance Director Steve told the committee the city had $22,600,000 in bank deposits as of July and that staff have issued about $6,700,000 in purchase orders that will become invoices. “From a cash standpoint, we are doing well,” Steve said. He also said income tax receipts were at 62% of forecast — ahead of the committee’s 58% benchmark — and that EMS revenues were at about 70% of the forecasted $500,000 figure. Water revenue was roughly 62–63% of forecast. Steve said a sewer accounting conversion has not yet been posted and that staff expect to journal between $250,000 and $300,000 from the sewer fund into the stormwater fund; the stormwater fund currently shows about 8% of forecast.

The director described current investment and banking activity: the city is keeping more funds in a WesBanco money-market account because it is matching the return of STAR Ohio, and recent interest rates have been over 4% (about…