Reserve fund can be up to 5% of prior year general fund rev
Separation pay fund
27th pay fund
General fund balance at the end of 2024 was 12 million
Financial Reporting Awards
The Government Finance Officers Association award is a positive recognition — but it’s important to be clear about what it means. North Olmsted pays over $37,000 each year to an outside firm to prepare our financial statements. When we’re investing taxpayer dollars at that level, it’s only fitting — and frankly expected — that our reports meet GFOA standards and qualify for the award.
Challenging Incumbent’s Claimed Achievements & Goals
Claim: Took finances from unauditable to award-winning reports → Weakness: City pays >$30,000 annually to outside firm; award reflects outsourced work. → My Approach: I will own the reporting process internally, ensuring transparency and accessibility year-round.
Claim: Bond rating increased → Weakness: No formal debt/reserve policies; gains not guaranteed. → My Approach: Implement policies to protect gains.
Claim: Built financial flexibility → Weakness: Too vague; no reserve benchmarks. → My Approach: Create clear reserve standards and publish dashboards.
Claim: Reduced debt → Weakness: No written policy; ad hoc. → My Approach: Establish debt policy.
Claim: Conservative assumptions → Weakness: Overly conservative, delaying projects. → My Approach: Balance caution with timely improvements.
Claim: Budget transparency, ERP system → Weakness: Reports inconsistent pre-2025. → My Approach: Ensure timely, accessible reports.
Goal: Revitalize capital planning → Weakness: Should already exist after 28 years. → My Approach: Publish rolling 5- and 10-year capital plans.
Goal: Strengthen budget resiliency → Weakness: If not priority in decades, budgets leaned on one-time fixes. → My Approach: Build structurally balanced budgets.
Summary Statement: Awards are good, but residents deserve more than polished reports prepared by outside firms. After 28 years, it’s time for proactive leadership with written policies, consistent transparency, and accountability.
What does a Director of Finance do
AI effects
Economic down turn
Have an action plan on items that can be reviewed and looked at that reduces costs with minimal effects to services
