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Prospect finance officer reports $4 million in investments; budget amendment deferred pending attorney fees
Summary
Finance lead John told the council Prospect holds about $4,000,000 in investments and just over $100,000 in checking; capital project and road aid funds were reported and a potential budget amendment tied to attorney fees was deferred until costs are known.
John summarized Prospect’s February finances and said the city is proceeding cautiously while awaiting legal-cost information.
“We started off with basically $4,000,000 in our investments,” John said, adding the city had just over $100,000 in its checking account. He reported the capital project fund balance was about $232,000 and the restricted road aid fund was roughly $45,000.
John said the city had expected a trial that month and would wait to see attorney fees before pursuing a budget amendment. He told council staff would begin work on the next budget that week.
Why it matters: the report indicates the city is monitoring restricted and capital funds closely and will defer budget changes until pending legal‑fee amounts are known. No formal budget amendment or vote was taken at the meeting.
Next steps: staff will continue budget development and return to the council if an amendment becomes necessary.
