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Huntington Park council OKs $3.5 million transfer to reserve fund
Summary
Finance staff told the council $3.5 million returned to the city from a reimbursement grant will move from the general fund into the contingency reserve; council approved the transfer unanimously to bolster reserves toward policy targets.
The Huntington Park City Council voted unanimously to transfer $3,500,000 from the general fund to the city’s reserve (contingency) fund.
Finance staff explained the dollars were a reimbursement returned to the city after the city submitted a grant reimbursement request for the ATP Cycle 5 project. Because the general fund had fronted the cost in prior years, staff recommended moving the returned funds to the reserve to comply with the finance policy target.
Staff said the shift would increase the reserve balance from roughly $468,000 to just under $4,000,000, moving the city closer to its policy goals for contingency and disaster preparedness reserves while allowing those dollars to earn interest in the reserve account.
Councilmember discussion was limited and no amendments were made; roll call recorded unanimous approval.
