By 1808Delaware
During the most recent Westerville City Council meeting, Finance Director Matt Yoder delivered an update that most communities would envy: the city passed its annual financial audit with no findings or compliance issues.
The independent accounting firm Rea and Associates reviewed Westerville’s internal controls, financial statements, accounting policies, and compliance with required standards. The result was what auditors call a “clean report.”
There were two minor verbal notes — a missing invoice and a delay tied to a contract update for the Blendon Township fire agreement — but neither carried financial impact or required further action.
Investments Generating Real Returns
In August, council and staff walked through the city’s investment policy with RedTree Investment Advisors. No changes were recommended.
More interesting: even in a jittery market influenced by AI, tariffs, and labor shortages, Westerville’s investment portfolio is performing well. The city expects these investments to bring in roughly $6.5 million in 2025. The city’s primary investment account is currently earning a yield of 3.96% with an average maturity just under three years.
In plain terms: the city’s money is working for the city.
Debt Capacity Looks Healthy
Capital financing also came under review. Consultants from Baker Tilly and Squire Patton Boggs joined city staff to walk through the city’s debt policy and overall borrowing capacity.
Ohio’s constitutional limit allows Westerville to borrow up to 10 mills of taxable property value. The city currently has $115 million in available constitutional capacity and $40 million available under the city council’s more conservative internal policy.
In short, Westerville has room to finance future projects without stretching its limits.
General Fund Ending in the Black
The financial snapshot shared with council each month shows the city trending ahead of expectations.
Revenues are strong — particularly income tax receipts driven by business profits. On the expense side, vacancies and lower operational spending are helping the city finish the year with a projected $3.6 million positive net margin in the General Fund.
Utility funds are steady as well, with consumption charges keeping pace with operating costs. Every fund that has a required reserve level is currently meeting or exceeding it.
Where This Leaves Westerville
The theme of the report was stability. The city isn’t just balancing the books — it’s building capacity for future projects while keeping its debt conservative and investments productive.
Clean audit. Solid revenue growth. Prudent debt posture.
For residents, that translates into something simple: decisions made now won’t box the city into financial corners later.
Source: City of Westerville; Photo: Creative Commons License
