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Committee approves transfer of remaining foundation balances to city funds for Wildwood Zoo and Van De Hay Waters pool
Summary
The committee recommended closing two donor funds at the Marshfield Area Community Foundation and transferring $41,107.49 for the Wildwood Zoo and $47,985.35 for the Van De Hay Waters pool into designated city accounts for ongoing maintenance and reimbursement.
The Finance, Budget & Personnel Committee voted to recommend common council approval to close two donor accounts at the Marshfield Area Community Foundation and transfer remaining balances to city-managed funds for the Wildwood Zoo and the Van De Hay Waters pool.
Parks and Recreation Director Justin Caspersen explained the request and the recommended transfers: staff proposed transferring $47,985.35 from the Marshfield Outdoor Aquatic Fund to the city’s 420 fund to reimburse pool-related expenses and transferring $41,107.49 from the Wildwood Zoo Capital Improvement Fund to a new Wildwood Zoo designated fund managed by the city’s finance department.
Nut graf: Both funds were established to support capital development projects that are complete; the transfers consolidate remaining balances under city control to support maintenance, controlled disbursements and future donor engagement.
Caspersen said the two funds were established in February 2019 (Marshfield Outdoor Aquatic Fund) and February 2012 (Wildwood Zoo Capital Improvement Fund). The committee approved separate motions to close each foundation fund and transfer the stated balances to city accounts; motions were seconded and carried.
Ending: If approved by the common council, the transfers will move remaining donor balances into city-managed accounts to reimburse project expenses and create a designated maintenance fund for the zoo.
