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Council transfers $28,000 and accepts donations to close out Regner Aquapark accounts
Summary
The council approved a $28,000 transfer from the recreation fund to balance the Regner Aquapark development account and accepted donations totaling $31,000 (West Bend Friends $25,000; Westbury Bank $5,000; Roots and Branches $1,000) toward the project.
City staff asked the finance committee and council to transfer $28,000 from the recreation fund balance to an expense account to balance the Regner Aquapark development account now that pledged donations will arrive over six years. Mike explained that the project cost and revenues were both $404,000 overall and that the remaining unpaid donations would be received in $5,000 annual installments over six years; to balance accounts now the city will transfer funds and then replenish the account as donations arrive.
Separately, the council accepted three donations: $25,000 from West Bend Friends of Park and Recreation (second installment of a $50,000 pledge), $5,000 from Westbury Bank (first of seven yearly naming-rights installments), and $1,000 from Roots and Branches for park amenities. Council approved the transfers and appropriations by voice vote.
The council’s action closes out the immediate accounting imbalance so staff can reconcile project accounts while anticipating future donation receipts.
