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County staff say $5 million bond proceeds from 2022 were not recorded; auditors outline steps to post to general ledger
Summary
Auditors and county finance staff discussed that proceeds from a previously issued $5 million bond (2022) are not currently on the county’s books and described actions to record the proceeds and related SRF fiduciary arrangements.
County finance and audit staff told commissioners that proceeds from a $5 million bond issued in 2022 have not yet been recorded in the county’s general ledger and that staff need to create appropriate fund accounting entries.
A staff member explained the mechanics: the county’s banking agent is acting as a fiduciary to manage disbursements and compliance for parts of the project funded by the bond, which complicates direct access to the cash. The presenter described the process as “step 1” of recording and tracking those proceeds and said staff need to record transactions so the county can show the assets on its books. The presenter also said the same accounting process will be required for a 2024 bond issuance.
During the discussion a staff member used the phrase "They’re acting as a fiduciary on our behalf in order to keep compliance," and described paperwork and forms required for SRF-related transactions. Commissioners asked clarifying questions about how the county can monitor ins and outs of the account when a fiduciary or a third party is holding the funds.
No formal motion or vote to adopt accounting entries is recorded in the transcript excerpt provided; staff presented the issue and described next steps for the auditor’s office to record the assets and begin tracking receipts and disbursements.
