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Middleton committee assigns $2.1 million 2023 surplus to reserves, capital and studies
Summary
The Middleton Finance Committee approved Resolution 2024-18 to assign a little over $2.1 million in 2023 general fund surplus to a mix of reserves, public-safety capital, retention and planning funds; staff recommended increases to compensated-absence and revaluation reserves and several one-time allocations.
The Middleton Finance Committee on a voice vote approved Resolution 2024-18, assigning a little over $2.1 million in 2023 general-fund year-end surplus to reserves, capital accounts and one-time projects.
Bill, the city finance staff member who presented the audit and the year-end summary, told the committee the largest single contributor to the surplus was higher-than-budgeted investment income — about $752,000 above the $500,000 the budget assumed — driven by higher interest rates and maturing investments. He also identified salary savings from vacancies, principally in the…
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