Special Finance Committee approves year-end transfers, moves ARPA revenue into capital fund

The Kingston Special Finance Committee unanimously approved six year-end internal budget transfers during a special meeting called March 24, including a transfer that moves American Rescue Plan Act (ARPA) revenue from the general fund into the capital fund to match expenses.

The transfers were presented as routine year-end reconciliations to close out 2024 accounts. Committee members voted on transfers for Parks and Recreation, the Department of Public Works (two transfers), and multiple transfers recommended by the comptroller’s office for the sewer fund, the general fund, and a large general-to-capital movement tied to ARPA accounting rules.

Comptroller staff member Don explained the accounting behind the largest transfer, saying ARPA revenue must first be recognized in the general fund and then transferred to the fund where the expense is recorded. “The revenue we're transferring from a revenue account over…