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Interlaken treasurer reports fiscal-year filings, Grand Valley bank transfers and reserves status
Summary
Town treasurer reported completion of state-required fiscal reports, the transfer of reserve accounts to Grand Valley Bank, and current account balances and transfers including a $310,000 transfer to the general fund for road work.
At its Feb. 4 meeting, the Interlaken Town Council heard a fiscal update covering state-required reporting for fiscal year 2024, year-to-date revenue and expense figures, and bank-account changes.
The treasurer said the town completed all required state reporting for fiscal year 2024, including an agreed-upon procedures engagement conducted with assistance from HintonBurdick. The treasurer described the report as positive and said the town’s fraud-risk assessment and impact-fee reporting had been completed on schedule.
Council members discussed recent banking changes. The treasurer reported that the town opened accounts with Grand Valley Bank that became active in January and that most funds previously in Zion accounts had been moved or were ready to be moved to Grand Valley. The treasurer said the town’s total balances stood at approximately $612,000 and that specific reserve accounts for water and roadway showed zero in the old Zion accounts because they had been transferred to Grand Valley.
The treasurer also noted a $310,000 transfer into the general fund to pay for road work completed during the previous summer; that transfer had been necessary to meet state accounting requirements related to general-fund balances. The treasurer described overall revenues as roughly on track midway through the fiscal year, with building-permit revenue treated as a pass-through fund and no water revenue collected yet.
Councilors asked about reserves and other expense lines such as attorney fees and water-system repairs. The treasurer said attorney fees were lower than budgeted, bookkeeping and town-administration costs remained the primary ongoing expenses, and increased water-system expenses reflected recent repairs including replacement of a section of line on Saint Lawrence.
No formal action was taken during the update; the presentation was for council information and question-and-answer.
