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City projects operating surplus; moves to consolidate 52 bank accounts
Summary
City CFO reported an improving year-to-date financial position, a proposed neutral budget amendment to add capital and pension funding, and a plan to close 16 of 52 bank accounts to simplify accounting; committee requested follow-up on delinquent-tax collections and pipeline grant details.
City officials told the Budget and Finance Committee on Dec. 16 that the city is tracking to an operating surplus for 2024 after a year of lower-than-expected expenses and will consolidate multiple bank accounts to simplify accounting.
Richard Fromm, chief financial officer, told the committee the city held $23 million in cash at the end of October and about $16 million in specialty accounts. "We have significant cash of $23 million at the end of October," Fromm said. He said vacancies totaled 54 and seven employees were on workers' compensation. Revenues through October were about $56 million and expenses about $47 million; the city spent roughly $6.8 million in October, about half of which was pension-related. Fromm said cash improved from $23 million at the end of October to $24.9 million at the end of November.
The CFO described a proposed second budget amendment that he said is "ostensibly neutral" on paper but is intended "to allow the city to invest more into the capital and more into the pensions."…
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