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Council OKs budget adjustment to create custodial fund for Madison County Ambulance District
Summary
Rexburg will create a custodial fund and perform bookkeeping and investing for the Madison County Ambulance District; the council approved a budget adjustment to establish the fund and staff said the ambulance district will retain budget and public‑hearing responsibilities.
Rexburg City staff proposed and the council approved a budget adjustment to create a custodial fund so the city will handle bookkeeping, accounting and investment management for the Madison County Ambulance District.
CFO Matt Nielsen explained the arrangement is custodial: the ambulance district retains the authority to certify its levy (L2) and conduct its own public hearings. The city's role would be accounting, reconciliation and investing; Nielsen said the ambulance district already banks separately and that the city would treat the fund as custodial and charge an overhead rate for services. The ambulance district's budget was described in the transcript as approximately $2,550,000, and staff said the city currently manages multiple funds on behalf of local districts.
Council moved and passed the budget adjustment to create the new fund. Nielsen noted any additional operating costs absorbed by the city would be charged to the ambulance district as overhead, and that the city would assess interest if the district's payments to the city were late.
