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Olivette City finance director reports near break-even year and outlines investment positions
Summary
Finance Director Darren Mann presented an unaudited 12-month financial report showing a net unfavorable variance he described as about $156,000, cited lower sales tax receipts and a recreation revenue shortfall tied to a late opening; he also reviewed the city’s CD ladder, short-term rates and an instance of temporary FDIC overexposure that was resolved.
Finance Director Darren Mann told the Olivette City Council on July 9 that the city’s unaudited full-year financial results were "really close to breaking even for the year," but the presentation included a net unfavorable variance Mann stated as roughly $156,000.
Mann attributed the variance to lower-than-expected sales tax receipts and timing impacts from staffing and program openings. He said the recreation program was about…
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