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Oswego midyear update: $5.36M general-fund surplus, $20M bond closed and TIF timeline flagged as urgent
Summary
Finance staff reported a $5,360,000 general‑fund surplus through June 30, a $1.2M water‑and‑sewer surplus, closing of a $20M bond issue and a $3M TIF reimbursement; trustees discussed the TIF district expiring in 2039 and the need to realize increment to repay interfund loans.
Andrea, a village finance staff member, presented the Village of Oswego’s midyear financial update for the six months ending June 30.
She said general fund year-to-date revenue was $16,400,000 and expenses were $11,000,000, producing a $5,360,000 surplus, while noting that midyear positions are not necessarily predictive of year-end results and that the village budgeted a planned transfer to the capital fund for a new public‑works facility. Andrea said most departments were at or below the 50% midyear spending target; Community Relations exceeded the target because the village made an early $50,000…
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