City of Oakwood, Ohio

upgrading infrastructure used in the collection and disposal of sanitary wastewater. The sanitary sewer department recognized an operating income of $124,411 during 2024 as compared to operating loss of $201,661 reported for 2023.

Stormwater – The City’s stormwater department is responsible for managing stormwater runoff in a manner consistent with the EPA’s National Pollutant Discharge System standards. Citizens are charged a stormwater fee based on their impervious area of developed property. The fund experienced an operating income in 2024 of $168,171 as compared to operating income of $233,521 reported in 2023.

Overall, the City’s business-type activities generated $4.59 million in program revenue during 2024, while program expenses were $3.88 million. The business-type activities incurred an overall increase in net position of $876,426. It should be noted that the unrestricted net position of the business-type activities totaled $3.47 million at the end of 2024. The amount of unrestricted net position for business-type activities reported at December 31, 2024 equaled 111.84% of the total expenses reported for business-type activities for 2024. Management will continue to monitor utility rate charges and necessary adjustments will be made to provide any additional financial resources needed.

The City’s Funds

The governmental funds of the City are reported using the modified accrual basis of accounting. These funds had total revenues of $20.09 million and expenditures of $18.33 million for 2024. In total, the governmental funds reported a $1,801,721 increase in total fund balance for the year. In 2023, the fund balance of the City’s governmental funds increased by $777,246. The increase in 2024 is primarily the result of an increase in income tax during the year. The restricted, committed, assigned, and unassigned fund balances may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year; these fund balances at December 31, 2024 were $22.05 million, or 125.42% of the total expenditures reported for the governmental funds for 2024.

The City’s General Fund realized a $1,572,709 increase in fund balance during 2024 as compared to the $763,365 increase in 2023. Annually, the General Fund transfers amounts to other funds to cover recreation, street maintenance, state highway and other programs. These transfers also pay for capital improvement projects and construction of capital assets. The General Fund transferred $2,887,078 to other funds in 2024 as compared to $3,985,033 to other funds in 2023.

Explanation of the changes in the three enterprise funds of the City, the water, sanitary sewer and stormwater funds, follow the same explanations as those provided in the assessment of the business-type activities noted above since enterprise funds are accounted for using full accrual accounting, the same accounting basis used in the city-wide statements.