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Olivette finance director reports shortfall, investment earnings help offset pressure
Summary
The city's finance director reported revenues through September were about $213,000 below expectations and the net position was roughly $250,000 unfavorable; the FY24 fund balance remains around $9.8 million and short- and long-term investments are producing monthly earnings of roughly $25,000–$30,000.
At the Oct. 22 Olivette City Council meeting, the finance director (Mister Mann) delivered the monthly financial report and quarterly investment update.
On the operating side, Mann said revenues through September were "below our expectations by about $213,000" and that expenditures were running higher than expected; combining those effects produced a net unfavorable position of about $250,000. He stressed the…
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