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Glacier County approves $312,562.52 interfund loan to cover high-school retirement distribution error
Summary
Commissioners unanimously approved a $312,562.52 interfund loan to cover a clerical underpayment to the high-school retirement fund caused by a reporting error; staff said the Office of Public Instruction will assist in recouping the amount when mills are set.
Glacier County commissioners on July 17 voted to approve an interfund loan of $312,562.52 to cover a high-school retirement distribution after staff discovered a clerical error in last year’s reporting.
County staff (Unidentified Speaker S5) said a December 2023 entry inadvertently omitted a digit, which made a reserve line read about $320,000 when the funds had been distributed. ‘‘It was a clerical error relating back to December 2023 where there was a big payment that came in...and then when it was distributed, there was a digit left off that made it look like we had $320,000 in funds when they'd actually distributed all of it,’’ the staff member said during discussion.
Staff explained the accounting flow: the county generates a report that must be manually entered into the Office of Public Instruction’s (OPI) reporting (referred to in the meeting as the FP6B). Because the county distributes retirement funds monthly while OPI expects an annual mechanism, the mismatch contributed to confusion in reported balances. County staff said they have spoken to an OPI contact (‘‘Autumn’’) who will assist in fall when the county mills are set so the county can recoup the amount over time; staff warned it may take more than a year to be made whole because tax collection is gradual.
Motion and vote: Unidentified Speaker (S1) moved to approve the interfund loan of $312,562.52 to the high-school retirement account and Unidentified Speaker (S3) seconded. The commission voted by voice (ayes) and approved the loan. Commissioners instructed staff and the treasurer to coordinate with OPI to reconcile the fiscal-year reporting and recover the amount through future millings or accounting adjustments.
Context: Staff said the error reduced the mills set earlier and produced a short-term tax decrease for residents; correcting it requires the county to advance funds to the school retirement account now and later recoup the amount as mills are re-established.
Ending: The commission approved the internal loan and directed staff to track the reconciliation with OPI and the county treasurer; staff told commissioners they expect to complete the formal reconciliation during the fall mill-setting process.
