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Oviedo finance staff and auditors report strong reserves, warn ARPA deadline
Summary
City staff and the independent auditor told the council that fiscal-year 2024–25 results were strong: investment income and reserves grew materially, water/sewer funds performed to plan, and auditors issued a clean opinion while reminding the council ARPA funding must be spent by Dec. 2026.
Oviedo officials told the City Council on April 20 that the city ended fiscal 2024–25 in a notably strong financial position, with sizable investment returns and healthy fund balances.
Jerry, speaking for the finance team, said ad valorem revenue was about $23,000,000 and other taxes roughly $6,300,000. He highlighted that investment income has risen dramatically from about $30,000 four years ago to an average in the low millions in recent years, producing roughly $2.9 million that bolstered the general fund balance. "Our investment income has been very, very strong,"…
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