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Newton City Council adopts capital improvement plan and updates financial policies
Summary
Newton City Council unanimously adopted a 10-year Capital Improvement Plan and approved two financial-policy resolutions, including an Interfund Loan Policy and an amended Enterprise Fund Transfer Policy, following a presentation of the FY2023-24 budget by City Manager Sean Hovis.
Newton City Council on May 2 unanimously adopted its Capital Improvement Plan for the General, Water & Wastewater, and Electric funds and approved two policy changes to standardize interfund loans and to amend the enterprise fund transfer policy.
City Manager Sean Hovis presented the city’s fiscal 2023-24 budget message and described the proposed Interfund Loan Policy as a procedural framework for temporarily loaning unrestricted or unassigned monies between funds. Hovis said the Interfund Loan Policy is intended to document standard procedures and does not address transfers,…
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