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Portage audit shows much smaller deficit than projected; council keeps banking relationship and prepares taxi RFP
Summary
Finance staff told the Common Council the city’s 2024 deficit narrowed from a projected $445,000 to $70,000, the fund balance sits at 16.9% and the council voted to stay with Community Bank of Portage after reviewing bank proposals; staff also said the city will issue a taxi RFP this year.
Portage City finance staff told the Common Council on Tuesday that the city’s 2024 shortfall was far smaller than originally projected and the council voted to keep its primary accounts with Community Bank of Portage.
Jennifer Becker, finance, said auditors from Baker Tilly had projected the city would finish the year “negative 445,000; we ended up at negative 70, so as a group we made up $350,000 there.” She told the council the city’s fund balance now stands at 16.9% — below the department’s stated target of 20%–25% — and said software changes planned for July should “help streamline our budget process.”
The council approved $1,064,785.10 in claims during the meeting. Alderperson…
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