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Ishpeming finance staff reports modest reserves, flags timing issues for street funds and a large fire-truck invoice
Summary
Finance staff presented the June 30 financial summary showing a general-fund ending balance of about $1.2 million and YTD net revenue over expenditures of about $707,000, cautioned that state payment timing creates apparent deficits in street funds, and noted a $904,000 fire-truck invoice will be offset by an expected state payment in July.
Finance staff Gray presented the city's financial summary for the period ended June 30, 2026, and walked the council through each fund.
Gray said the general fund has an ending balance of about $1.2 million with net revenue over expenditures year-to-date of about $707,000. He cautioned that major-streets revenues are subject to a two-month state-payment lag; the account showed a roughly $202,000 expenditure-over-revenue position for the period that would be closer to $80,000 if the lagged state CVTRS payments were posted.
Local-streets activity showed a similar lag effect (a $340,000 YTD deficit, approximately $290,000 when corrected for the payment lag). The DDA had modest activity with a $13,000 facade grant expenditure for 206 Cleveland Avenue.
Gray explained the public-improvement fund appeared to show a large $904,000 equipment-supplies posting because the fire-truck invoice was entered in June to match state reporting requirements; Gray said the state payment was received in July and would reverse the temporary deficit when reimbursements post. The mayor and council later moved and approved payment for the fire truck funding recognized at $894,192 during the meeting.
Sewer fund numbers include a month with $174,000 of charges for services and significant capitalized work; Gray reported an ending sewer-fund balance reflected as 19,100,000 in the transcript and said much of that balance represents capitalized project work. The water fund showed $250,000 in charges for services for June and a year-to-date net position of about $248,000.
Gray and council emphasized the need to watch streets funds and noted staff expect increased state road funding later in the year; council approved second-quarter budget amendments that recognize the used-equipment sale ($135,000) and apply those proceeds to necessary equipment repairs.
