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Swansea finance report shows short-term deficits tied to capital and sewer transfers
Summary
Finance staff reported a month-to-month deficit driven largely by a $50,000 transfer to the capital projects fund (to cover a $44,400 invoice for a bed and plow for an F-600 vehicle) and a timing-related transfer from the sewer operating to capital fund that produced a temporary deficit.
The Village of Swansea’s finance presenter told the committee the general fund posted a deficit for the month because officials transferred $50,000 to the capital projects fund to pay an invoice for equipment approved in September.
“Everything is in line for this month of the year,” the finance presenter said, but added the deficit stemmed from “transferring $50,000 to the capital projects fund, to pay for an invoice for the bed and the plow for the F-600 that was approved back in September. That invoice totaled $44,400.”
The presenter also said the sewer fund showed a deficit this month; that deficit was explained as a timing issue caused by transferring 40% from the sewer operating fund to capital. “That had to be done this month, just due to the timing of the revenue that was received in the operating fund,” the presenter said. Beyond those transfers, the presenter described other funds as “pretty good” for the year.
No budget votes were taken at the meeting because the village attorney advised the body it could not take binding votes tonight due to several absences. The finance section therefore consisted of a report rather than action items. The committee did not provide further detail in the transcript about longer-term budget adjustments or whether the transferred amounts will be replenished in future months.
The finance presenter did not provide a departmental authorizing resolution in the recorded remarks; the $44,400 invoice and the transfer amounts were described as the cause of the month’s deficits in the transcript.
