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Finance committee: $14.5 million unencumbered, ambulance revenue rises and funds moved to money market
Summary
At a Fostoria Finance Committee meeting, the finance director reported $22 million in bank balances with $7.5 million encumbered, leaving $14.5 million unencumbered; ambulance billing revenue and a plan to move proceeds to a money market account were discussed, and the committee reviewed expanded online payment options.
The Fostoria Finance Committee was told the city had $22,000,000 in bank balances at the end of May, with about $7,500,000 encumbered and $14,500,000 unencumbered available, the finance director said.
The finance director told the committee the unencumbered balance should be read with ongoing payroll obligations in mind: "Things that we still spend money on, but we do not issue purchase orders for, we have roughly $3,200,000 still in payroll for the remainder of this year, with benefits that we do not have POs," adding that those amounts reduce the funds effectively available.
Committee members heard that income-tax collections are running slightly ahead of expectations at about 45% of forecast through five months and that…
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