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Finance committee reviews midyear revenues, expenses and bank reconciliation; staff flags reimbursements and large check payments
Summary
Finance staff walked the Sunbury Finance Committee through year-to-date revenue and expense reports, bank reconciliations and the check register on July 16, reporting generally steady revenues, new stormwater fee receipts, and several large one-time payments with reimbursements pending.
Finance staff walked the Sunbury Finance Committee through year-to-date revenue and expense reports, bank reconciliations and the check register on July 16, reporting generally steady revenues, several one-time large payments and grant reimbursements pending.
On revenues, Miss Steffit told the committee the city had collected about half of its real-estate property taxes and half of its SRO funding for the year, and that June marked the first receipts of revenue from the new stormwater fee. She said the city had recorded 73 new-home impact-fee payments year to date and had received impact-fee payments from projects named Kiwi's Clubhouse and Ohashi. For income tax, Steffit reported $33,082,312 collected through June and said the figure represented year-over-year growth compared with the same period in 2024.
On expenses, staff called out several lines that merit monitoring. Towing costs were higher than expected after 19 vehicles were towed year to date. Cruiser repairs were about 69% spent for the budget year, driven in part by a larger-than-anticipated tire expense. Contractual services for administration and utility projects showed significant year-to-date payments; staff pointed to East Side utilities and several payments to VerDantis for engineering and design work.
Staff also highlighted several large single payments recorded in June. The check register showed a $345,900 payment related to a bridge sign to ODOT, which staff said was expected to be the final payment on that item. The packet also reflected a $239,000 payment to IronSite for Walnut Street Stabilization; staff said a reimbursement request for that amount had been submitted that day and earlier reimbursements had been received for prior work.
On debt and special items, staff said the cemetery bonds had been paid off in June and would not result in future bond payments for that item. In the sewer fund, the packet showed contractual services and capital spending tied to Little Walnut Creek interceptor engineering and wastewater treatment plant engineering, with the sewer fund about 84.4% spent in the highlighted lines.
On bank balances and reconciliation, staff reported total bank balances of about $2,180,011,141 at the end of June (transcript figure), outstanding checks totaling about $357,000, and a book balance that trailed the bank balance by approximately $66,000. Staff noted that unencumbered fund balances reported for the end of June were high in part because some appropriations were not recorded until July; staff said the unencumbered balance would look different in the July report and offered to provide updated figures showing unencumbered balances in July (staff later estimated a July unencumbered range of $7 million to $8 million when asked).
Ending: Staff said they would prepare supplemental information for the council packet where requested (vendor breakdowns, exact borrowing numbers and updated July fund balances) and that many of the large payments were either final (bridge sign) or have reimbursements pending (Walnut Street stabilization). Committee members did not take separate votes on the financial reports; they accepted the staff presentation and moved on to other agenda items.
