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Maumelle council accepts January financials; new finance director introduced
Summary
The council accepted January financial statements after a presentation by newly introduced Finance Director Brad Ashford. The general fund balance was reported at $4.7 million with a net fund balance of about $4.4 million after commitments; an operational transfer of roughly $1.5 million from FEMA grant funds was noted.
At the Feb. 17 meeting, Maumelle’s council accepted the city’s January financial statements following a presentation by Brad Ashford, the city’s new Director of Finance and Accounting.
The Mayor introduced Ashford, who said he and his wife have lived in Maumelle for about 20 years and that he is "excited about this opportunity" to join the city. Ashford reviewed the January statement and explained that January is a low‑collection month because many receipts are posted in December. He noted approximately $229,000 in regular departmental revenue (permits, memberships, senior services and interest), and that some bank earnings (about $19,200) and other receipts were not recorded before the statement was printed.
On fund balances, Ashford reported a total general fund balance of $4.7 million and committed funds of about $200,000, leaving a net fund balance of approximately $4.4 million. He said the ordinance 438 unassigned fund balance requirement (20% of revised budgeted operational expenses) is satisfied; the stated available amount exceeded the requirement by about $225,000. Ashford also referenced an expected operational transfer of roughly $1.5 million from a FEMA grant fund to be recorded.
Council moved and seconded acceptance of the financial statement and carried the motion by voice vote (all in favor; tally not specified).
