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Washington finance director outlines fund structure; council warned against routine transfers to utility funds
Summary
Finance Director Joni Baxter reviewed the city’s fund structure and cash position, saying the general fund held about $16.4 million in July. Councilmembers asked whether the general fund could subsidize water/sewer projects; Baxter said auditors and bond counsel generally advise against such transfers and that rating agencies view them negatively except in rare one-time cases.
Finance Director Joni Baxter gave the Washington City Council a step-by-step overview of the city’s fund and account structure at the Sept. 15 meeting and shared a cash snapshot of city resources.
Baxter explained the difference between governmental funds, proprietary (enterprise) funds and trust funds and walked council through the account-numbering system used in the city’s reports. "At the July, we had, you know, 16,400,000 in the general fund," Baxter said when describing the state-of-the-treasury cash…
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