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Stevensville council hears cash report; water and sewer asset accounts separated for clarity
Summary
Finance staff presented a cash report and budget-versus-actual summary to the Stevensville Town Council on Jan. 23, 2025, explaining that water and sewer assets have been reclassified into dedicated accounts to track reserves and potential grant-match availability. Councilors asked questions; no formal action was required.
Stevensville Town Council reviewed an informational cash report and budget-versus-actual summary presented by Robert Underwood and Gina Crowe at its Jan. 23, 2025 meeting.
Underwood and Crowe told the council they reorganized funds so water and sewer capital and reserve dollars are held in dedicated asset accounts rather than pooled with general operating cash. That reclassification is intended to show required reserves separately — including USDA-required backup loan reserves and capital asset reserves — and to make it easier to identify available match dollars for potential grants.
Council members were shown that a debt account (account 32311) contains about $14,000 related to payments previously collected for the airport; presenters said those collections will continue for roughly three more years before that revenue stream sunsets. Presenters also said some large projects and reclassifications make certain fund lines look high on a percent-spent basis now, but that the changes improve transparency about what funds are restricted for capital versus day-to-day operations.
The presenters noted the townwide spending picture is roughly in the middle of the fiscal year: the combined funds show about 63% spent for the year while the general fund is about 54% spent. They said line-by-line views allow staff and council to see, for example, police, public works and legal-service spending separately; legal services had higher-than-expected activity that staff plan to seek reimbursement for when possible.
Councilors asked clarifying questions about specific asset-line balances, a $2,588.85 entry for a fire engine account, and how invoices and reimbursements (including for a gas-corridor project) will be recorded. Staff said some project accounts are temporarily negative until related invoices are submitted and reimbursements arrive.
Presenters said the fund reorganization will make it quicker to evaluate whether the town can meet grant match requirements (for example, to determine whether $400,000 in match is available for a $1 million-plus grant). No formal council action was taken; the item was presented for information and discussion only.
The meeting continued with other agenda items.
