Findlay finance committee reviews 2025 results, reserves and asks for clearer investment reporting
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Summary
The Findlay City finance committee reviewed 2025 financial reports and cash positions, heard that general‑fund revenues slightly exceeded both original (101.56%) and revised (103.27%) budgets, and asked staff for a line‑by‑line reconciliation and clearer investment earnings reporting.
The Findlay City finance committee met to review the auditor’s 2025 financial reports and to set committee priorities for the year. Deputy Auditor Samson walked members through the report layout and pointed out that 2025 revenues came in modestly higher than projected — 101.56% of the original budget and 103.27% of the revised budget for the general fund — while noting revenue recognition and cash timing differ.
Committee members pressed staff on a $4.5 million variance between budgeted and actual figures in some line items, with particular attention to a previously discussed $4.0 million park appropriation. Samson said he will produce a line‑by‑line reconciliation of expense variances and bring follow‑up details to the committee.
Staff described the city’s adjusted cash‑balance methodology (cash minus claims), showing an example adjusted general fund balance of about $22,000,000. Members asked about restricted accounts (stormwater, flood mitigation, capital improvements) and were reminded that large balances cited in the packet include funds that are legally or administratively restricted for specific uses and are therefore unavailable for general spending.
The committee also reviewed reserve policy. Staff said the city has a council‑adopted minimum reserve target (described in discussion as equivalent to roughly three months of operating expenses and noted in the packet as about $12,000,000) and that the rainy‑day account is constrained by state law; use of those funds requires a plan to replenish the reserve. Committee members emphasized the need to show how reserves and restricted balances are reported to rating agencies.
Members asked for clearer reporting of investment performance. Discussion cited a pooled investment balance in the mid‑$90 million range and an approximate annual yield in the low‑to‑mid single digits; staff said interest earnings appear in monthly object‑code reports and agreed to provide an aggregated yield summary, peer examples of reporting practices, and a clearer explanation of when investment earnings are recognized as cash receipts versus accruals.
Next steps: Samson and auditors' staff will deliver a reconciling schedule for the highlighted variances, produce consolidated investment‑earnings reporting for committee review, and provide written guidance on restricted accounts and reserve rules ahead of the next scheduled meeting.
