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Sterling Board of Finance approves $130,798 in year-end transfers
Summary
The Board approved $130,798.20 in year-end transfers to reconcile underspent and overspent accounts. The minutes note the amount and the unanimous board vote but do not list specific accounts.
The Sterling Board of Finance approved year-end transfers totaling $130,798.20 during its March 25 meeting to reconcile underspent and overspent accounts ahead of fiscal year close.
Vice Chair Neil Delmonico moved to approve the transfers; Tracie Adams seconded. The motion passed on a voice vote, 6-0. The minutes record the total amount and that the transfers were presented with details of underspent and overspent accounts, but the specific line items adjusted are not specified in the minutes.
Why it matters: year-end transfers are a routine accounting step to ensure expenditures match appropriations before closing the books; the transfers affect fund balances available for future budgets and capital needs.
