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Finance staff: 2025 shows multimillion‑dollar surpluses; board eyes reserves for infrastructure
Summary
At a Committee of the Whole meeting, Oswego finance staff presented a preliminary 2025 financial update showing a roughly $5.5 million general fund surplus driven largely by sales tax and interest income; trustees discussed using excess reserves to fund projects including a public works facility and Wolf's Crossing road improvements.
Andrea, a village staff member, told the Oswego Committee of the Whole that preliminary, unaudited figures for 2025 show a sizable surplus across multiple funds and that invoices and year‑end accruals could change final totals.
The village’s general fund was budgeted with a $675,500 planned deficit because reserves were earmarked for a public works facility, but Andrea said a point‑in‑time accounting shows a current general fund surplus of $5,500,000. “These are not final audited figures,” she said, adding that outstanding invoices and accrual entries remain to be recorded.
Andrea said budgeted revenue for the general fund was $28.3 million and the actual revenue recorded so far is about $33.6 million, roughly 115% of budget; actual expenditures at the time of the report were about $27.1 million, or 94% of budget. She identified sales tax and home‑rule sales tax as major drivers, together accounting for about 42% of general fund revenue.
On taxes, Andrea reported sales tax receipts of approximately $10.5 million on…
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