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Shelton interim finance director reports stronger-than-expected revenue, rising fund balance
Summary
Interim Finance Director Terrence Nitser presented the August financial report showing revenues above budget projections, an increased unreserved fund balance and lower-than-budgeted expenditures through August.
Interim Finance Director Terrence Nitser told the Shelton City Council on Oct. 21 that through August the city’s revenues are performing stronger than projected, increasing the unreserved general fund balance and leaving expenditures below budgeted levels.
Nitser reported that the city’s investments include about $5.7 million at US Bank and just under $20 million in the local government investment pool (LGIP), with the LGIP interest rate noted at about 4.17 percent. He said the city’s unreserved fund balance had increased to about $3.4 million compared with a budgeted balance of $1.9 million.
The August report represents 60 percent of the year, Nitser said, and the 2025 estimated actual general fund revenues are about $16.9 million, roughly $237,000 above the adopted budget projection. Expenditures were tracking below budget, with estimated actual expenditures near $16.5 million through August; Nitser said year-to-year revenues were about $1 million higher than previous years through August and expenditures were roughly $500,000 higher year over year.
On staffing Nitser said the city has roughly 10.5 vacancies across funds, noting some positions were intentionally left open pending results of the transportation benefit district (TBD) vote. He also said the city expects to continue using ending fund balance into 2026 while monitoring a multi-year structural challenge.
Ending
Council members thanked staff for the audit results and the finance presentation. The council heard no motions tied directly to the financial report at the meeting.
