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Ways & Means hears W-2 correction update, fourth-quarter financials and Treasurer’s investment report
Summary
Staff updated the committee on corrected 2024 W-2 distribution, presented the fourth-quarter fiscal report (FY2025) with no major out-of-norm deficits, and the Treasurer reported roughly $1.793 billion under management and $18.3 million in first-quarter earnings, projecting $70 million-plus for the year.
Wayne County staff gave several finance updates during the Ways & Means meeting on Wednesday, ranging from corrected W-2 distributions to the county’s investment performance and pending budget adjustments.
On payroll corrections, staff said a firm hired in August is finalizing corrected W-2s for 2024 and that distributions of corrected forms to affected employees are planned by the end of the month.
For the fiscal report, county budget staff presented the fourth-quarter financial report for the fiscal year ending Sept. 30, 2025. Philip Whitfield, budget director, said departments are being communicated with about chargebacks and that monthly reporting and reconciliation have improved; he told the committee that he saw “none that are outside the norm” regarding department variances, while noting historical overtime overages in certain offices such as the sheriff’s.
On investments, the Treasurer reported the county held approximately $1.75 billion in the general fund and $41.2 million in the reserve fund for a total of about $1.793 billion as of Dec. 31, 2025. The Treasurer reported first-quarter investment earnings of about $18.3 million and said the county is on track for more than $70 million in interest earnings for the fiscal year, with an average portfolio return of about 4.8% compared with market rates for new investments between 3.5% and 3.8%.
Separately, the committee considered several budget adjustments, including decertifying JAG grant funds into FY2026 and requesting approval for the third circuit court to receive funding for the extended VBRD grant through Dec. 31, 2025. Court finance representatives said the original FY25 budget accounted for only three months of grant funds because the grant had been scheduled to expire on Dec. 31, 2024; the extension created a need for funding the remaining nine months of FY25.
A consolidated motion to receive and file certain items and approve budget adjustments 3–5 was moved by Commissioner Clemente and supported by Commissioner Marecki; the committee approved the motion by voice vote.
What’s next: corrected W-2s will be distributed, outstanding questions between staff and counsel will be answered, and the pending budget adjustments will be finalized and posted ahead of the next meeting.
(Reporting based on statements from county budget staff, the Treasurer, and court financial representatives.)
