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Interim finance director reports improved interest earnings, cautions on budget outlook
Summary
Interim Finance Director Terry Schuster told the council the city's LGIP and longer-term US Bank bonds are earning higher interest, producing a favorable variance in the general fund; staff cautioned revenue timing and upcoming audits will shape the 2026 budget process.
Interim Finance Director Terry Schuster briefed the Shelton City Council on July 15 on city investment balances, year-to-date revenues and the 2026 budget schedule, saying interest earnings have increased but cautioning that revenue timing and summer expenditures will influence final balances.
The report matters because stronger interest income and careful spending could narrow the city's budget gap for 2026, but staff said it is too early in the year to assume current trends will hold.
Schuster told the council the city holds approximately $6.5 million in US Bank bonds and…
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