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Cache County Council adopts first 2026 budget amendment after auditor flags bond arbitrage payment
Summary
Auditor Matt Funk told the council a $175,629 remittance to the federal government was required because of arbitrage earnings on a $5.6 million open‑space bond; the council approved Resolution 2026‑07 at the March 10 meeting.
The Cache County Council approved Resolution 2026‑07, the first amendment to the county’s 2026 budget, after the county auditor explained an arbitrage remittance related to an open‑space bond.
Auditor Matt Funk told the council that a $5.6 million open‑space bond produced investment earnings that exceeded the bond’s 2.99% offering rate, creating a federal arbitrage obligation. The required remittance was described in the staff materials as approximately $175,629. Funk answered councilmembers’ questions about how the payment would be recorded in the Open Spaces fund and assured the council that the amendment would not change staffing or functions in the Attorney’s Office.
After discussion, Councilmember Nolan Gunnell moved to approve Resolution 2026‑07; the motion passed unanimously among members present (Aye: 6; Absent: Kathryn Beus). The published budget amendment materials attached to the minutes itemize the account transfers and fund adjustments tied to the amendment.
The resolution calls for the adjustments in the attached “Budget Amendment – 03.10.2026” exhibit to be made to the 2026 budget and states the amendment takes effect upon signing by the county executive or the council’s final action in the absence of a veto. The minutes instruct residents seeking further detail to consult the county clerk’s office or the published meeting materials for line‑item specifics.
