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Board closes projects and reallocates $151,508.39 in unexpected bond proceeds
Summary
The board passed a resolution closing several completed capital projects and transferring $151,508.39 in unexpected bond proceeds to other capital projects.
The Board of Finance approved a resolution closing completed capital projects and reallocating $151,508.39 in unexpected bond proceeds to other capital projects.
Finance staff explained the two‑step audit process: the board first formally closes out completed projects (an auditor requirement) and then reallocates excess bond proceeds to projects that need them. “So I'm gonna read the top line plus the dollar amount,” the presenter said when introducing the resolution. The board moved and passed the resolution on a voice vote.
The resolution was described as a routine audit housekeeping measure that reassigns surplus bond authorizations to active projects. Finance staff noted one project could not be fully closed because it still required additional funds, so only two projects were closed in that schedule.
The board approved the resolution to close out projects and transfer unexpected bond proceeds in the amount of $151,508.39; the motion was moved and seconded and passed by voice vote.
