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Finance director reports 2024 year-end: most funds positive, CIP affected by grant timing
Summary
Finance Director Martin Shaw told the council most city funds closed 2024 with positive balances but the Capital Improvements Fund had a small deficit tied to timing of grant reimbursements; utilities ended the year with positive but reduced balances and a utility rate study is underway.
Martin Shaw, the city’s finance director, presented the North Bend City Council with the 2024 year-end financial status report on Jan. 21, 2025, saying that “all funds ended with a positive fund balance” while noting the Capital Improvements Fund finished the year with a slight negative balance because of the timing of grant reimbursements.
Shaw told the council that the general fund reported about $12,600,000 in total revenues versus $12,800,000 in operating expenses for 2024, leaving a year-end fund balance of roughly $5,300,000 compared with $5,600,000 at the start of the year. He said those…
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