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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 contribution to the Oswego Senior Center capital campaign and downtown development grants were paid early.
On major revenue streams, Andrea reported sales tax receipts of $5.1 million (about 58% of target), state shared revenue at roughly 59% of target, plan-review fees at 105% of target and interest earnings at 137% of target due to relatively high returns.
The water and sewer operating fund showed revenue of $4.6 million and expenditures of $3.4 million, a roughly $1.2 million surplus. Andrea said the fund’s target balances are being built to support the village’s planned connection to Lake Michigan and related debt service; a $20,000,000 bond sale closed in July and those funds were transferred to the village.
Andrea said real-estate transfer tax revenue was $714,000 on a $780,000 budget (about 92% of budget), up from an original projection of $400,000 because of a one-time large development transaction. Parking-permit revenue was $54,000 (about 45% of a $120,000 budget) and parking-garage maintenance spending was low; ordinance-violation revenue was depressed while the village transitions to a new collection agency.
In the TIF fund, Andrea said a $3,000,000 bond closed in July and a reimbursement was paid related to the second parking facility. She explained the village advanced loans to TIF projects from other funds (general, capital and water/sewer) and those loans are intended to be repaid from future TIF increment. A trustee noted the TIF district expires Dec. 31, 2039, meaning the final increment would be received in 2040, and said that timeline creates a sense of urgency to realize development while the district is active.
Chair and trustees thanked staff for the detailed update. The Committee of the Whole adjourned and the board took a roughly 30-minute break before the regular board meeting.
