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Payson council approves transfers to cover grants-and-capital deficit tied to Granite Hill purchase
Summary
Council approved two transfers from the general fund contingency to eliminate a negative balance in the grants and capital projects fund and to replenish Fund 280, citing an earlier property purchase charged to capital accounts that lacked offsetting grant revenues.
The Payson Common Council on June 11 approved year-end transfers to clear a negative balance in the town's grants and capital projects fund and to restore contingency in another capital account. Finance Director Dana Ohanson told council the transfers are corrective bookkeeping to eliminate a deficit created after a large property purchase was charged to capital accounts without the anticipated grant revenue.
On Feb. 14 the council approved a property acquisition originally described in council materials as a $1.2 million purchase; about $548,000 of that cost had been charged to Fund 403 (Grants and Capital Projects), Dana Ohanson said. The budget chart in the packet showed Fund 403 had roughly $586,000 in…
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