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Finance committee reviews ODOT escrow plan, revolving loan structure; approves minutes and executive session
Summary
At a Fostoria finance committee meeting, members approved digital minutes, heard a finance director update that 2024 is closed and that the city will place $933,000 into an escrow for the ODOT 23 South project to release bids, discussed a $750,000 deposit to a revolving loan fund managed by FEDC, and voted to enter executive session on personnel.
Fostoria Finance Committee members approved digital minutes and heard finance staff outline two near-term cash moves affecting the city’s accounts: placing $933,000 into an escrow to allow ODOT to release bids on the 23 South project and funding a $750,000 deposit to a revolving loan fund managed by the Fremont Economic Development Corporation.
The finance director told the committee, “Update of where we're at, 2024 is closed. I'm now in the process of getting the reporting around, state auditor Cindy has looked at it from her perspective and said okay to close. We'll be issuing W-2s and 1099s either late this week, very early next week.” The director said members would receive full 2024 reports at the next finance committee meeting.
Why it matters: the escrow for the ODOT 23 South project requires the city to fund its $933,000 share before ODOT can release bid packages. The finance director…
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