Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the County Finance topic
No spam. Unsubscribe anytime.
Chippewa County finance director reports pre-audit 2024 fund transfers, growth in unassigned balance
Summary
Finance Director Lori Sweeveler presented a pre-audited 2024 financial report and first-quarter 2025 update, noting transfers to comply with the county's 2019 fund-balance policy, creation of a nonmetallic mining reclamation account, and long-term debt totals.
Finance Director Lori Sweeveler gave the Chippewa County Board an overview of the county’s 2024 pre-audited financial results and a first-quarter 2025 update, stressing the figures were “pre-audited” and that final audited results will arrive later in the year.
Sweeveler said that if all lapsing funds had closed to the general fund, unassigned fund balance would have increased by $2,410,848.42, but to comply with the county’s 2019 fund-balance policy an additional $1,730,893.42 was transferred at year-end. After those and other planned transfers, the county’s combined increase in fund balance was $4,141,174.84, and the net increase in unassigned fund balance recorded was $805,741.84.
The presentation listed specific year-end transfers that the county administrator directed: $2,300,000 moved into the self-funded health insurance account, $600,000 earmarked for M&T (maintenance and transportation) projects identified by Highway Commissioner Brian Kelly, and a set-aside related to juvenile detention costs. Sweeveler said the county set aside funds for an ongoing juvenile detention case that currently costs about $150,000 a year, and explained the county created a separate account to be used if departments exceed budget due to juvenile detention expenses.
Sweeveler also described special-revenue activity: public health, ADRC and aging saw net gains; human services showed a $1,276,532.04 gain mainly from reduced out-of-home placements; and the county created a new nonmetallic mining reclamation fund at the end of 2024 after capturing bond proceeds from a sand mine.
She said sales tax revenue grew 2.44% in 2024 and reminded the board that sales tax allocations follow Ordinance 2-361, which requires that revenue received in a year cannot be used until the subsequent budget year. Sweeveler noted outstanding long-term debt principal stood at $10,380,000 at the end of 2024 and that debt-service payments are typically funded from sales-tax-dedicated sources.
Sweeveler closed by reminding board members that the numbers presented were pre-audited and that the auditors had begun fieldwork; the final auditor report was expected later in the year.
