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Ocean Shores finance committee reviews general fund timing as erosion project reimbursements arrive
Summary
City finance staff told the committee that insurance payments and an ongoing beach erosion project have reduced early-year cash balances but the city has secured a Department of Commerce grant and received the first reimbursement, leaving the erosion account roughly $410,938 positive against submitted bills.
City Clerk Sarah, speaking to the Ocean Shores Finance Committee on a range of early-year finance issues, said the city had set aside $700,000 to cover the Southern Erosion Project and had received a $688,000 grant from the Washington State Department of Commerce. She told the committee the city got its first reimbursement from the Department of Commerce of about $78,000 and that, after reimbursements are posted against outstanding claims, the erosion account would show roughly $410,938 available against the bills submitted so far.
The committee was told the city’s general fund began the year with a surplus of about $4.1 million and that…
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