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Commissioners question $1 million ARPA interest transfer and seek audited Whitewater financials
Summary
The commission discussed a proposed transfer of $1,000,000 in interest earned on ARPA funds to the Montgomery County Community Cooperative District and sought audited financial statements for Montgomery Whitewater, citing heavy county investment.
Commissioners asked county finance staff detailed questions after a proposal surfaced to transfer $1,000,000 in interest earned on ARPA funds to the Montgomery County Community Cooperative District.
A commissioner asked for the principal amount of ARPA funds from which interest was earned, over what period the interest accrued and whether the interest is held in a restricted account. Finance director Juan explained that ARPA funds are coded to a separate restricted fund and that interest accumulates when the money sits in that account. When asked whether interest has stipulations, Juan said there were no stipulations attached to the interest income.
Commissioners also asked for audited financial statements for Montgomery Whitewater, an entity in which the county has invested. Staff offered to arrange a meeting with Whitewater’s accountant and noted that Montgomery Whitewater board meetings are open to the public and posted in advance.
No formal transfer or vote is recorded in the transcript; staff agreed to provide additional financial materials and an opportunity for commissioners to review Whitewater’s financial statements.
