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Woodinville finance director says FIT caution flag reflects planned reserve use, not fiscal distress
Summary
Finance Director Fritz told the City Council the Washington State Auditor's FIT tool flagged a small, planned decline in the city's general-fund cash in 2023 but auditors raised no concerns; staff said preliminary 2024 numbers and positive operating margins show the city's financial strategy remains sound.
Fritz, Woodinville's finance director, told the City Council on Jan. 20 that a cautionary flag from the Washington State Auditor's Financial Intelligence Tool (FIT) reflects a planned, modest dip in general-fund cash used to pay for capital projects rather than a sign of financial distress. "The cash position in 2022 was higher than the cash position in 2023," Fritz said, noting a drop of roughly 0.8 percent'about $320,000 on a roughly $43 million fund balance.
Fritz said the FIT metric measures year-over-year change in ending cash and investments and should be interpreted in context. He told councilmembers that planned spending from reserves paid for capital improvement projects in 2023, and that major revenue lines and…
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