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Kennebec County finance report: cash balances, warrants and end-of-year push
Summary
County finance staff reported cash and investment balances, several warrants and urged departments to submit AP requests ahead of the June 30 fiscal-year close.
County finance staff reported the county’s cash and investment positions and outlined steps to close the fiscal year.
The finance report, presented during the meeting, listed a general fund cash balance of $1,225,884, invested in an insured cash sweep account at Kennebec Savings Bank. Investment cash of $5,500,000 was reported in an Intrafi money market account at Kennebec Savings, and an additional investment cash balance of $2,189,655 was shown in a managed investment account. The report recorded a balance decrease of $5,773 since the last meeting.
Finance staff identified warrants and payments: payroll and agency checks totaled $632,745; accounts-payable (AP) warrant number 68 (regular and ARPA) amounted to $473,378; AP warrant 68D (ACH) was $78,606; a restitution warrant of $32,358 was shown. Correctional psychiatric services, medical/mental health/MAT payments totaled $318,758; Diamond Drugs (inmate prescriptions) was $23,722; Trinity Food (inmate meals) $31,693; WEX fuel $10,347; Wheeler & Ares legal services $9,009.54; Maine Pretrial Services $22,859; Maine PERS small adjustment $2,976; and other smaller line items were listed.
Staff urged departments to submit accounts-payable requests and requisitions promptly so the county can complete a check run and include expenses in the current fiscal year ending June 30. The finance report noted the possibility of an additional check run to close the year and emphasized diligence to preserve fiscal footing for the next year.
Why it matters: those balances and warrants affect the county’s ability to close FY2025 without carrying costs into the next year and ensure timely vendor and payroll payments. As the fiscal year-end approaches, accurate submission of invoices and requisitions affects fund balance and year-end reporting.
Context: the finance speaker encouraged departments to avoid discretionary spending and to route AP requests through managers to meet the cutoff, noting payroll and system changes (timecards/Edmonds payroll) that staff are implementing to align pay increases with the first payroll after the changes take effect.
Provenance: the numbers and requests are drawn from the county finance report in the meeting packet and the presentation recorded in the transcript.
