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Oakley council approves multiple year-end transfers and equipment reserve allocations
Summary
Council unanimously approved year-end interfund transfers totaling up to $825,000 across water, sanitation and reserve funds and authorized administrator Sloan to adjust transfers to meet unencumbered cash-balance targets for 2025.
At its Dec. 15 meeting, the Oakley City Council unanimously approved several year-end interfund transfers and allocations intended to shore up cash balances and fund future equipment purchases. The council authorized up to $250,000 from the water fund to the general fund and up to $150,000 from the sanitation fund to the general fund; both motions gave Administrator Sloan authority to adjust the exact transfer to meet projected unencumbered cash balances for 2025.
The council also approved transfers to equipment reserves: up to $70,000 from the water fund and up to $40,000 from the sanitation fund, and further approved moving up to $200,000 from the water fund into the water reserve fund and up to $75,000 from sanitation into the sanitation reserve fund. Motions were moved and seconded by council members and recorded as unanimous.
Council discussed that these transfers are an annual practice intended to reimburse the general fund for utility wages and maintain appropriate cash balances. Administrator Sloan and staff said the transfers are adjustable to reflect final year-end accounting and projected unencumbered cash positions.
