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Ocean Shores finance committee probes drop in general fund to $1.7 million
Summary
City finance staff told the finance committee the February low reflected timing and one-time expenses, not only changes to cost-allocation; staff described a shift to quarterly true-ups with enterprise funds and pledged to provide more detail on LGIP allocations and the new utility fund accounting.
Ocean Shores finance staff told the city’s finance committee on Tuesday that a fall in the general fund balance to about $1.7 million reflects timing and one-off expenditures rather than only reductions in transfers from enterprise funds.
The committee opened with a public comment in which a resident asked whether cost-allocation transfers into the general fund had been eliminated and why LGIP interest earnings appeared to rise. Finance staff answered that the city has moved to a baseline cost-allocation method with quarterly “true-ups” to reconcile what enterprise funds owe, and that prior outside cost-allocation work had inflated transfers.
“...the cost allocation that we…
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