Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Oswego staff report healthy early 2026 finances; bond sale for water project set for late July
Summary
A village financial update showed a $33 million unrestricted general fund balance at the end of 2025, a planned $4.8 million transfer to capital, and water/sewer net assets of $8.7 million; bond sale for water projects is scheduled for late July with staff planning draws to optimize interest costs vs. a WIFIA loan.
Andrea (first name only in the transcript) gave a short three‑month fiscal snapshot noting the village remained in strong financial position.
She said the general fund ended 2025 with an unrestricted fund balance of $33,000,000 and that the board approved a $4,800,000 transfer to the capital fund on May 5, which brings the balance to about $28,500,000 against a target equal to 30% of subsequent year operating expenditures. The 2026 general fund budget shows roughly $30.1 million in revenues and $27 million in expenditures, with an operating surplus projected; year‑to‑date through the first quarter the village had collected about 26% of budgeted revenues and departments were controlling spending.
On the water and sewer side, Andrea said unrestricted net assets began the year at $8,700,000, comfortably above the target for operating reserves and upcoming debt obligations. She said the bond sale for the water project is scheduled for late July; the village plans to use bond proceeds before drawing on a WIFIA loan to reduce interest costs because preliminary pricing showed bond proceeds at about 4.35% versus a WIFIA draw rate of about 5%.
Other items noted: the parking fund ended 2025 with a net position of $347,000 and the village refunded about $45,836 in unclaimed property to residents. Andrea identified fuel and electricity costs for pumps and lift stations as costs to watch for budget volatility.
The update was presented as informational; trustees asked questions about the drivers of stronger‑than‑expected transfer tax and tap‑on fee results and staff said transfer tax volume and tap fees were higher than budgeted, with tap fees already exceeding the full annual budget as of mid‑May.
