Oswego staff report $3.9 million unaudited surplus; trustees signal consensus to move funds to capital improvement

Andrea, a village staff member, presented unaudited transition-year financial results for the eight months ending Dec. 31, 2024, saying the general fund shows an approximate $3.9 million surplus and recommending the amount be transferred to the capital improvement fund.

The presentation matters because the surplus affects funding available for major projects and because the village faces an upcoming revenue change: the state grocery tax expires Jan. 1, 2026, a point trustees raised while discussing how to use one-time funds. Andrea cautioned the figures are unaudited and subject to change once year-end entries are completed.

Andrea told trustees the general fund revenue totaled about $20.3 million, or 112% of the budgeted $18.2 million; expenditures were about $16.3 million, or 90% of the $18.1 million budget. A key driver of the surplus was an unneeded budgeted transfer of $1,180,625 to debt service because the Series 2013 bonds were paid off early. “These are unaudited actuals,” Andrea said, “we have not started working on our year end entries, so while I don't expect any of the…