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Park Norwalk approves $395,000 FY26 accrual to finish in‑progress projects
Summary
The board approved accruing $395,000 from FY26 to cover work already underway (repairs, LPR installation, website/marketing, and parking programs) so those costs can be closed against FY26 funding; staff explained accrual vs. cash accounting.
Park Norwalk approved a request to accrue $395,000 in fiscal year 2026 to cover budgeted items not fully expended at year end but already in progress. Staff said the accrual preserves the funds within FY26 so work can be completed and invoices paid without shifting costs into FY27.
The accrual covers repairs and maintenance, license‑plate‑reader (LPR) installation for two enforcement vehicles, marketing initiatives including website modernization, and parking program funds previously approved by the city. "These items were budgeted, approved and already underway. This action simply provides the carry forward authority needed to complete them," staff said.
Board members asked clarifying questions about accrual vs. cash treatment; staff explained the accounting step is standard year‑end practice and that the funds remain associated with FY26 activity. The board moved, seconded and approved the $395,000 accrual (transcript records approval but does not include a roll‑call tally). Staff said they typically perform this action annually.
Next steps: staff will record the accrual in FY26 financials and proceed with payment of outstanding invoices tied to the work.
