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Finance committee: $22.7 million in city accounts; revised fund carryover policy moves to council
Summary
Fostoria’s finance committee reported $22.7 million in bank accounts (about $17.3 million available) for the period ending Sept. 30, 2025, noted positive water and sewer enterprise fund results, and approved a revised fund carryover balance policy for council consideration.
The finance committee met at 5:30 p.m. and the finance director reported financial results for the period ending Sept. 30, 2025. The committee record shows the city’s bank accounts totaled $22,700,000 with approximately $17.3 million available at that reporting date.
The finance director said water and sewer enterprise funds showed positive revenue increases while expenses remain within budget, and that department heads and administration are finalizing the budget to be presented at a Nov. 18 work session with council. The committee approved a revised draft of the fund carryover balance policy and forwarded it to the full council for consideration.
The committee discussed the collection of income tax from contractors working within the city and noted it will not meet in November because the council will hold the budget work session on Nov. 18. The next finance committee meeting is scheduled for Tuesday, Dec. 16 at 5:30 p.m. in Council Chambers.
The transcript does not include the detailed language of the revised policy or any estimated dollar impact of the proposed carryover rules; those items were described as forthcoming to council.
