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City finance committee reports $22.9 million in cash across funds; 2024 audit complete
Summary
The Finance Committee reported a June 30 cash balance of $22.9 million, noted $7.4 million encumbered, and said about $15.5 million remained available; the committee also said the 2024 audit is complete and commended the finance director.
The Fostoria Finance Committee reported a total cash balance of $22.9 million across all funds as of June 30 and told the council that approximately $7.4 million of that total was encumbered for ongoing projects, leaving roughly $15.5 million available. The Finance Committee’s report, given at the council meeting, said the auditor provided the cash-balance figures and that the 2024 audit is complete. The committee said it was satisfied with the audit results and commended the finance director and staff; the committee waived its appearance at the audit exit conference as a result. The committee noted it has several projects in progress that account for encumbrances and scheduled its next meeting for Tuesday, Aug. 19 at 5:30 p.m. in council chambers.
