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Treasurer: EDA reserve rises to $525,000 after $65,000 transfer; year shows $213,000 deficit
Summary
At a meeting, the treasurer presented the June 30 report showing a $213,000 year-end deficit, an Economic Development Authority (EDA) maintenance reserve that rose to $525,000, and a $65,000 budget transfer to the EDA processed the same day; board approved the treasurer's report by voice vote.
The treasurer (name not specified) told meeting participants that the June 30 treasurer's report showed a change in net assets of a deficit of $213,000 and that the EDA maintenance reserve rose to $525,000 after a $65,000 transfer processed that day. "We have attached the June 30 treasurer's report that shows how the year ended," the treasurer said. The treasurer attributed part of the deficit to timing and the use of funds on capital projects, saying those expenditures were "primarily" for stormwater projects.
Why it matters: the reserve level and the board's decision to move budgeted money into the EDA affect the county's short-term…
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