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McLeod County board adopts series of finance policy updates after administration move; board approves $979,000 temporary ditch loan
Summary
The county adopted multiple revised finance policies reflecting movement of the finance function to administration, added journal entry and petty-cash procedures, accepted $10,759.98 in gifts for 2024, and approved a $979,000 temporary loan from the general fund to the ditch fund at 4% interest.
McLeod County commissioners voted to adopt a package of revised finance policies and procedures to reflect that the finance function now operates under the county administration office rather than the auditor-treasurer’s office.
The board approved updates including the county’s budget policy and procedures, electronic funds transfer policy, elimination of internal activity policy, fund balance policy (updated for GASB Statement 54 classifications), investment policy, journal entry policies and procedures (which added clarifying instructions), and petty-cash procedures for setup and reconciliation. County staff said the substantive financial controls remain unchanged despite the administrative move.
Commissioners also approved resolution 25 CB 14 authorizing acceptance of gifts and contributions totaling $10,759.98 for the year ending Dec. 31, 2024, as required under Minnesota statute 465.03. Separately, the board approved resolution 25 CB 17 to authorize a temporary ditch loan of $979,000 from the general fund to the ditch fund to cover negative balances as of Dec. 31, 2024; the board confirmed the ditch loan interest will be set at 4%, a rate established at a public hearing on Oct. 15, 2024.
During discussion commissioners asked how checks and balances will work after the move. County Administrator Sheila explained the change reflects a reorganization begun in 2018 and completed when staff moved buildings in 2021. Sheila said the auditor-treasurer continues to have access to county financial records and public access to finances remains unchanged. Auditor-Treasurer Connie (last name not stated) and Sheila said the county requires two-person review for expenditures over $3,000 and conducts an annual audit. Officials said policies now reference the administration office in place of the auditor-treasurer’s office but do not reduce statutory oversight.
All policy revisions and resolutions were approved on voice votes where recorded; board members moved and seconded each item in turn, and the chair announced each motion carries.
