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Ocean Shores finance committee backs codifying 2.5% reserve target after September report shows steady revenues
Summary
The Ocean Shores Finance Committee reviewed September financials showing roughly 42% of budgeted general-fund revenues collected and recommended updating an existing resolution to set a 2.5% reserve target. Members also discussed LTAC balances, a recovered past‑due account, and next steps for golf-course reconciliations.
Ocean Shores Finance Committee Chair opened the Oct. 23 finance meeting at the Ocean Shores Library and said the city’s September financial snapshot looked stable. "The general fund has collected about 42% of our budgeted revenues," the chair said, and committee materials show expenditures at about 40% of appropriations.
The committee flagged several revenue trends: property tax was reported "up 4% over last year," sales tax up about "2%" and utility tax up about "2%," while building permits have declined from the recent building-boom years. Chair members cautioned that comparisons to 2021–2023 capture abnormal growth years and said staff are monitoring year-to-date trends.
The committee discussed a draft resolution that will come to the council. Chair said the resolution…
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