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Sevier County committee updates accounting policy to use restricted funds first
Summary
The Budget Committee unanimously approved a resolution Dec. 8 to amend county policy so restricted funds are applied before unrestricted funds in every county fund, a change officials said aligns the county with GASB guidance and federal tax compliance.
Sevier County’s Budget Committee unanimously approved a resolution Dec. 8 to change how the county applies restricted and unrestricted funds.
Mayor Larry Waters presented the proposal and Director of Finance & Administration Brooke Huffaker told the committee that both the Comptroller’s Office and the county’s financial consultants recommended removing outdated footnote language from the financial statements. Huffaker said the amendment will require restricted funds to be used before unrestricted funds in every county fund, including the General Debt Service Fund, to align governance with Governmental Accounting Standards Board guidance and federal tax compliance requirements.
The change is procedural: it updates internal accounting order-of-use rather than creating a new program. Commissioner Bryan Delius moved approval; Commissioner Michael Maddron seconded. The committee approved the resolution unanimously.
The committee did not record a separate roll-call in the transcript; the meeting record notes the motion passed unanimously.
