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Oklahoma County treasurer wins approval for $7 million in short-term transfers to cover fall cash flow
Summary
The county approved temporary transfers totaling $7 million from restricted funds to the general fund to cover operating cash flow until property tax revenue is received; treasurer said the transfers are repaid within the fiscal year.
The Oklahoma County Board of County Commissioners on Oct. 22 approved temporary cash transfers of $7 million from restricted funds to the general fund to cover short-term cash-flow needs.
Treasury staff said the board approved three transfers: $5,000,000 from the highway cash fund, $1,000,000 from the County Bridge and Road Improvement (CBRI) Fund 1, and $1,000,000 from the capital improvement fund. The treasurer’s office said the moves leave estimated balances of $8,800,000 in the highway fund, $3,000,000 in CBRI 1 and $5,000,000 in capital improvements.
The treasurer told the board that state statutes permit borrowing between county funds for temporary cash-flow purposes and that transfers must be repaid on or before the end of the fiscal year. “Normally, we get it repaid in May or mid January,” the treasurer said when asked about repayment timing.
Treasury staff said the county routinely uses intra-fund transfers because property-tax collections — the county’s main revenue source — lag the start of the fiscal year while expenses such as payroll and jail costs continue. The treasurer said staff first seek to cover needs from within affected funds before asking the commission to approve transfers, and that excise board approval would be sought the following day.
The motion to approve the transfers passed on a voice vote.
