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Finance committee approves closing dormant trust funds and transferring balances to general and water funds
Summary
The committee approved a substitute ordinance authorizing the chief financial officer to close a list of dormant trust funds and transfer remaining balances to the general fund and the water and wastewater fund, with substituted totals presented during the meeting.
The Finance and Executive Committee voted May 14 to close a set of dormant or unused trust funds and transfer remaining balances to the general fund and the water and wastewater repair and expansion fund.
The ordinance substitute presented by the committee authorizes the chief financial officer to close the trust funds listed in exhibits A and B and to transfer remaining balances from exhibit A funds to the general fund in an amount not to exceed $2,305,659.97 and to transfer remaining balances from exhibit B funds to the Water and Wastewater R&E fund in an amount not to exceed $155,280.83, for total transfers identified in the substitute.
CFO Mohammed Bala said staff identified trust funds that had been dormant for over three years or no longer used for their intended purpose and coordinated with responsible parties before proposing the closings. Bala said the funds generally flowed back to the general fund, which served as the primary original source of funding for many of the trust accounts.
Committee members asked staff to “scrub the list” to avoid inadvertent impacts on programs tied to those funds and to ensure appropriate notification to stakeholders. After a substitute motion and second, the committee approved the ordinance as substituted.
