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Stevensville council reviews cash report, separates asset reserves for water and sewer
Summary
Town finance staff told the Stevensville Town Council on Jan. 23 that the town has about $3.12 million in bank accounts, moved major water and sewer reserves into separate asset accounts to meet USDA and reserve requirements, and highlighted a $14,000 debt account tied to the airport that will shrink as payments continue.
Stevensville Town Council members heard a detailed cash- and budget-status report on Jan. 23 as staff explained recent bookkeeping changes that separate capital asset reserves for water and sewer from day-to-day operating funds.
Town staff members Robert Underwood and Gina Crowe presented the report, saying the town’s combined cash on hand is roughly $3.12 million and that mandatory reserves for water and sewer have been moved into distinct asset accounts to make grant matching and project planning clearer. "We moved about $200,000 out of the water fund into the asset account," Underwood said, "so you can see where we sit, how much money…
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