Interim finance director reports stronger-than-expected revenues, higher unreserved fund balance
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Shelton's interim finance director told the council the city’s August 2025 financial report shows revenues running above budget estimates, an increased unreserved fund balance and lower-than-budgeted expenditures through August.
Shelton — Interim Finance Director Terry presented the city’s August 2025 monthly financial report, saying revenues are outperforming budget estimates and the city’s unreserved general-fund balance has increased.
Terry reported that the city’s US Bank holdings totaled about $5,700,000 and that the Local Government Investment Pool account was “just short of $20,000,000,” with the LGIP interest rate at about 4.17 percent. The August report represents roughly 60 percent of the year, Terry said, and overall revenues were “approximately about a million over what we projected for the budget of 2025.”
Terry told council that year-to-date expenditures were running below budget by about $500,000 and that the estimated 2025 general-fund unreserved fund balance had increased to about $3,400,000 compared with an original budget assumption of $1.9 million. He also summarized that the citywide estimated fund balance across all funds is approaching $24,000,000, with draws on some funds tied to ongoing projects.
Council asked about vacancies and whether positions held open pending TBD (transportation benefit district) results would be filled; Terry said several utility and plant positions were being recruited. Council members thanked Terry and his staff for a recent clean audit finding from the state auditors.
Provenance: Terry’s August financial presentation and Q&A are recorded in the meeting transcript.