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South Summit COG approves 2024 financial report, weighs options for nearly $300,000 surplus
Summary
The South Summit Council of Governments voted to approve its 2024 annual financial report after Treasurer Stephen Schmidt reported revenues exceeded expenditures and the fund balance stood at $299,099; the board discussed holding the surplus for possible expansion versus rebating member cities.
The South Summit Council of Governments voted to adopt the 2024 annual financial report after hearing the treasurer’s summary of the year’s results.
Stephen Schmidt, finance director for the City of Green and treasurer for the South Summit COG, told the board that “for 2024, the revenues exceeded our expenditures by almost $279,947,” leaving a fund balance of $299,099 as of Dec. 31. Schmidt said the report was filed on the Henkel system and met the Feb. 28 filing deadline required by the state office.
The board’s discussion centered on what to do with the surplus. Schmidt outlined two principal options: preserve the balance for an anticipated expansion of COG services, or rebate excess funds to the two member cities that currently fund the COG’s operations, the City of New Franklin and the City of Green. Chair said the surplus reflected “prudent financial planning” and favored preserving funds to support potential expansion; another board member agreed the carryover gives the COG flexibility to absorb revenue shortfalls.
Schmidt noted that the 2024 result reflects careful expense monitoring: “we budget revenues to meet expenses,” he said, adding the overage was a product of spending less than budgeted. Board members asked management to evaluate possible future uses for the funds and to prepare projections factoring in expected changes to contract revenues.
Votes at a glance: The board approved resolution 2025-1, the motion to accept the 2024 annual financial report, by roll call.
What happens next: The executive board and chair will consider management recommendations on whether to allocate the surplus to expansion plans or to return funds to member cities; no final allocation decision was made at the meeting.
