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Finance director: Star Ohio holdings climb to $10 million; auditors to be onsite in May
Summary
Finance Director Eileen Egan reported Olmsted Falls closed the year and increased its Star Ohio balance from $6.4 million to $10 million, earning $78,000 in interest in the first three months; auditors will be on site the third week of May.
Finance Director Eileen Egan told council that staff closed the fiscal year and are reconciling unpaid invoices from 2024–2025. She reported the city’s Star Ohio investment account grew from $6.4 million on Jan. 1 to $10 million as of the meeting date and that the city earned $78,000 in interest in the first three months.
"We started January 1st with $6.4 million dollars in Star Ohio and as of today we have $10 million in Star Ohio which is our investment account," Egan said. She also said auditors are scheduled to be on site the third week of May to begin the city's audit. Council approved related requisitions for technology upgrades, a phone-system deposit and county pump-station maintenance; those motions passed (polls: 7 ayes, 0 nays).
Egan briefed council on reconciliation work to locate and process older unpaid invoices and noted that some purchase orders from 2024 and 2025 were reopened to pay outstanding bills.
