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Finance committee moves $1.11 million surplus into capital purchase reserve
Summary
The finance committee voted to transfer $1,107,318 from the capital projects surplus into a capital purchase opportunity reserve, with council members agreeing the funds will be distributed across multiple capital line items per the packet spreadsheet.
The finance committee voted to move $1,107,318 from the capital projects surplus into a capital purchase opportunity reserve, a measure the group said will let the city hold funds for planned capital purchases while staff finalizes loan and revolving-fund details.
The motion was introduced by a council member chairing the finance meeting, who said the transfer would cover the full surplus and that the committee would allocate the remainder across streets, fire, police and other capital accounts as shown in the packet. "I'll go ahead and make a motion that we move the surplus from the capital projects plan of $1,107,318 into the line item of capital purchase opportunity reserve," the council member said. Another member seconded the motion and the committee approved it by voice vote.
Committee members discussed timing and a related revolving loan. The mayor and staff noted the committee will re-evaluate the revolving loan after June 11 to determine remaining balances and whether additional transfers should be made. Staff highlighted a specific line (402,588) and explained the packet shows how the total surplus would be split; the committee amended the motion to direct the $1,107,318 be moved into the various capital plans as illustrated on the spreadsheet.
The finance committee also reviewed the financial dashboard, reporting year-to-date revenues at roughly 96% of forecast and expenditures around 45% of forecast. The report listed expenditures to date of $1,296,670 and identified $803,733 in expected state reimbursements; available cash on hand was reported as $1,000,217.76.
Other finance actions approved during the session included a $400,000 investment of motor fuel tax dollars into municipal Illinois funds and a $1,999 full-page advertisement in Southern Illinois Now to promote business-park lots for sale; both motions passed by voice vote. Several members said the ad would be paid from the economic development fund.
What happens next: staff will begin moving funds according to the approved packet allocations and will return with any revised figures after the June loan review. The finance committee adjourned at 6:13 p.m.
