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Financial adviser warns Monroe County against treating high 2024 interest income as sustainable
Summary
Financial Solutions Group told the council the county’s strong 2024 ending balance and elevated interest income are unlikely to persist; advisers recommended conservative budgeting, a review of salary commitments, and building self‑insurance reserves.
The county’s municipal advisor told Monroe County Council on Feb. 25 that the county’s strong balance sheet in 2024 should not be treated as a durable revenue source and urged conservative budgeting and new controls on appropriations.
Greg Garritas of Financial Solutions Group, the county’s municipal advisor and certified public accountant, said the county finished 2024 with an unusually high interest income and a strong ending general fund balance. “We have a very strong $30,000,000 — 30.1 million dollars ending balance,” Garritas said, but he warned that interest income that pushed totals higher in 2024 was driven by elevated short‑term interest rates and could fall sharply if rates decline.
Why it matters: Garritas said the…
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