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Sequim finance director: city met legal requirements; general fund reserves exceeded policy maximum
Summary
Finance Director Sue Hagener told the Sequim City Council that the city complied with state law and its own investment, debt and fund balance policies for 2024. The city ended the year with about $28 million in cash and investments and a $3.9 million general fund balance, above the policy maximum of $3.4 million.
Sue Hagener, finance director for the city of Sequim, told the City Council that the city complied with state law and its own cash and investment, debt management and fund balance policies for 2024, while the general fund ended the year with $3.9 million in reserves, above the policy maximum of $3.4 million.
Hagener said the city had about $28,000,000 in cash and investments as of Dec. 31, 2024, down about 15% from the prior year because the city spent cash on capital projects. "It is the policy of the city to invest public funds in a manner which provides the highest investment return with maximum security while meeting the daily cash flow requirements and conforming to all state and local statutes governing the investment of…
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