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Finance report: council hears $22 million cash balance, ambulance fund moves and possible water/sewer rate review this fall
Summary
The finance committee reported $22 million in city bank balances with $7.5 million encumbered, plans to move $1 million from the ambulance fund into a money‑market account, another $1 million moved to long‑term investment at Red Tree, and an alert that water and sewer rates may need review in September.
FOSTORIA, Ohio — At its meeting the Fostoria Finance Committee reported a cash position that the committee described as "$22,000,000 in the bank," with $7,500,000 encumbered and about $14,500,000 available. The committee briefed council on short‑ and long‑term moves intended to improve returns on idle funds and on possible utility rate action later this year.
According to the committee report, the finance director said the ambulance billing vendor recently changed ownership and is "doing an improved job," producing increased ambulance revenue. The director plans to move $1,000,000 from the ambulance fund, which "is currently not earning interest," to a money‑market account to start earning interest while keeping funds available for a new ambulance purchase.
Separately, the finance director told the committee that $1,000,000 has been reallocated to Red Tree to capture longer‑term investment earnings. The committee also reported that zoning and compliance offices have begun accepting credit card payments and that water and sewer enterprise funds are performing "as predicted." The committee expects to review whether a sewer and water rate increase will be necessary for the next year at a meeting in September.
The committee noted the project manager position has been filled. Its next meeting is scheduled for July 15, 2025, at 5:30 p.m. in Council Chambers.
