Commission office seeks intra-fund transfers and $1 million reallocation to close fiscal year

Sylvia Singleton of the commission office presented multiple finance items during the work session, asking commissioners to approve intra-fund transfers, authorizations to pay claims due by Sept. 30, placement of two accounts into a money-market sweep, and budget amendments for the transit fund. Singleton explained that the transit budget underestimated fees and that several transfers from the general fund into transit were necessary to cover expenses. She said the first items in the budget-amendment packet represent transfers out of the general fund and that additional transfers from fund 240 reflect moving money into the transit budget to match expenditures. Singleton also asked to move two accounts (industrial development and capital improvements) to a money-market sweep account at First Bank of Alabama at 2.5 percent interest. Finally she requested authority to move $1,000,000 from the BRB fund back into the general fund to cover end-of-year expenses ahead of final fiscal-year reporting and budget amendment. Why it matters: These transfers and amendments affect the county’s year-end financial statements, cash management and the transit program’s ability to pay current expenses. What will happen next: Commission staff will present resolutions and budget-amendment language at the next regular meeting for formal approval and to authorize payments and transfers before fiscal-year close. Ending: Commissioners asked questions; Singleton said she would include the items for formal action on the next meeting agenda and supply supporting documentation.