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Mayor’s analysis finds roughly $155,000 shortfall to fully reimburse salt-shed withdrawal
Summary
The mayor presented a line-by-line accounting showing a $625,000 withdrawal from the stabilization account left an approximately $155,000 shortfall, after recalculating interest; the committee asked staff to confirm final closeout numbers and historical projections before the next meeting.
The mayor told the Finance Committee on Jan. 14 that after removing misattributed interest and recalculating earned interest on the stabilization account, withdrawing $625,000 left the account short of fully reimbursing principal plus the interest that would have accrued. Using the 2024 baseline the mayor cited approximately $2,900,000 in principal (before adding the withdrawn $625,000) and calculated an interest rate around 2.98% that year. He said the arithmetic produced an unpaid-interest amount of about $22,045.42 and a remaining shortfall of roughly $155,000 to make the stabilization account whole.
Committee members thanked the mayor for the detailed spreadsheet and asked for final closeout figures once year-end accounting is complete. The mayor cautioned that the $155,000 figure is not fixed — monthly interest accruals and transfers can change the number — and committed to returning with final reconciled totals and any projections previously prepared with former auditors.
The committee agreed to keep the salt-shed repayment item on its agenda for the next meeting so staff can supply final numbers and historical estimates.
