Finance committee reviews year-end closeout transfers; Board of Education shortfall to use $3 million assigned fund

City finance staff presented a year-end closeout transfer request to the New Haven Aldermanic Finance Committee that would move departmental surpluses into lines with negative balances and reallocate ARPA and other restricted funds to meet year-end requirements.

"What we want to do is move the surpluses, transfer the departments that had surpluses and move those into the departments that had deficits," finance presenter Shannon McHugh said while describing the proposed transfers.

The transfer packet included a roll-up of donor departments (police, public works, community resilience and others) and recipient lines (debt service, finance/IT, corporate counsel, contract reserve, central utilities and the Board of Education). Finance staff reported that the Board of Education finished the year with a deficit shown in the packet…