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Committee forwards fourth-quarter general fund transfers, including $34,000 reallocation
Summary
Finance staff explained year-end fourth-quarter transfers that move roughly $34,000 among line items and reallocate a 'class and comp' contingency to departments now that the study is finalized; the committee gave a favorable recommendation.
The Annapolis Finance Committee voted to forward the city’s routine fourth-quarter general fund transfers, which move department line-item balances to cover anticipated overages at fiscal year end.
Finance staff described the transfers as the city’s annual final attempt to reconcile departmental accounts and to move funds where known expenses will exceed budgeted line items. Committee members noted one line item in the packet showed about $34,000 moving between categories to balance accounts across departments. Finance staff also said portions of the transfer reallocate money previously held in an unallocated class-and-comp contingency now that the city’s class-and-comp study is complete. "Now that the class and comp has gone through, these are the net effects, in the general fund departments to cover those changes that came from the class and comp," a finance staff member said. "So it's not additional funds that are needed, but it's just moving it from where we had that pot of money setting aside until it was finalized."
The committee approved FT-13-25 by unanimous voice vote and will forward the transfers to the full council for final action.
