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Committee adopts resolution to move small balances among bond funds
Summary
The committee approved a resolution transferring balances among several bond funds after staff reported payoff of earlier improvement bonds; fund 315 carried a negative cash balance (~$1,900) and fund 317 a positive balance (~$12,900).
Connie Hillman, the city finance director, reported that the city recently paid off certain general obligation improvement bonds and proposed a resolution to move balances among bond funds to reconcile accounts and route future delinquent tax and special assessment receipts to fund 400.
Hillman said fund 315 carried a negative cash balance of about $1,900 and fund 317 had a positive balance near $12,900 following the payoffs. The proposed resolution would transfer funds between fund 400 and fund 315 and between fund 317 and fund 400 to zero out fund 317. Council members asked whether the transfer destination should instead bolster an underfunded general fund; staff said the council could direct that change and that the current request was relatively small.
The committee adopted the resolution by voice vote.
Next steps: staff will execute the transfers as authorized and include any further adjustments the council directs when the item proceeds to the full council for final ratification if required.
