Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
Rhea County finance staff propose moving $500,000—600,000 in interest income to balance budget; equipment purchases to await budget review
Summary
County finance staff proposed transferring approximately $500,000—600,000 of investment income from the debt service fund (151) to the general fund (101) to help balance the budget; the commission agreed the move would require budget committee and full commission approval. The meeting also placed a $19,900 side-by-side purchase and other equipment and purchases on the upcoming budget agenda.
A representative of the Rhea County Finance Department told the commission the debt service fund (151) has accumulated more interest than needed and proposed reducing the interest credited to that fund so roughly $500,000 to $600,000 of investment income could be directed to the general fund (101) to help balance the county budget.
The finance representative said the transfer would occur only after confirming that at least one year's reserves remain in Fund 151 and emphasized the transfer would require both budget committee approval and a formal resolution from the full commission. "I would be transferring probably 5 to 600,000 of interest income, investment income, from the 151 to the 101 to help us balance our base," the speaker said.
Separately, the sheriff's department is seeking permission to surplus a side-by-side utility vehicle and transfer $19,900 from the drug fund to purchase a replacement. Stephen, a department representative, said that the vehicle surplus and related purchases (including ammunition and other equipment cited for next fiscal year) will be processed through the budget committee and then come before the full commission for approval.
Commissioners were told the jail reserves would be the source of several transfers to cover equipment and other needs in the coming budget cycle, and staff said they will present items to the budget committee at the scheduled budget meeting before the full commission acts.
Next steps: staff will draft a resolution and present the transfer and equipment purchases to the budget committee and then to the full commission; no transfers or purchases were authorized at this meeting.
