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Resident challenges proposed $7 million transfer from utility funds; finance interim director cites bond counsel and law
Summary
During the budget public hearing, Sammy Smith criticized proposed transfers of more than $7,000,000 from enterprise (utility) funds into the general fund as unreasonable and possibly restricted by law; Interim Finance Director Todd Simono said bond counsel and staff consider the transfers lawful and reasonable under cited code and bond ordinances, and the council postponed final budget approval until Sept. 16 to meet charter timing.
Sammy Smith told the council he has opposed water and sewer rate increases and transfers from enterprise funds for years and that the proposed budget shows transfers of more than $7,000,000 from enterprise funds into the general fund.
"The city is proposing this year to transfer over $7,000,000 into the general fund," Smith said, calling that amount "not reasonable" compared with survey guidance suggesting transfers closer to 7% of a general-fund operating budget.
Smith raised legal questions about transfers when revenue bonds are outstanding,…
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