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Shelton finance report: estimated $6.7M fund balance, using over $1M of reserves as revenue lags expenses
Summary
Staff presented the November financial report showing an estimated general fund balance of about $6.7 million with 20% reserved by policy. The city used more than $1 million of fund balance to cover 2024 operations; property tax receipts were about 5.5% below budget while sales and business taxes outperformed estimates.
City finance staff told the Shelton City Council on Monday that the city's estimated fund balance for November stood at about $6.7 million, with 20 percent earmarked as a policy reserve and more than $1 million of the remaining balance used to cover operations as revenues lagged ongoing expenses.
"We have an estimated fund balance of just over $6,700,000, and I want to remind the council that 20% of that amount is reserved for policy," the staff member presenting the report said. The presenter added the city typically relies on the reserve to smooth cash flow between property tax collection cycles and to avoid short‑term borrowing.
The presenter (referred to in the meeting as Mr. Gibbons) said…
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