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Velva commission amends 2024 budget, approves year-end report and moves up to $150,000 into money market
Summary
Auditor Jenny Johns presented year-end transfers to zero out debt service and cover highway fund shortfalls; the commission unanimously amended the 2024 budget, approved the 2024 year-end report for publication, and authorized transferring up to $150,000 from general checking to a PSB money market account.
At its Jan. 21 meeting the Velva City Commission approved several year-end fiscal actions and a short-term cash-management move.
City Auditor Jenny Johns explained that final debt service payoffs required larger transfers into debt service and that the highway fund needed a higher transfer-in after 2024 capital improvement projects. Commissioners Gene Jenson and Mary Liz Davis moved to amend the 2024 budget to include the presented transfers; roll call was unanimous and the motion carried.
Johns presented the 2024 year-end report and the commission approved it for publication; Johns noted it must be sent to the newspaper by March 1. Later in the meeting Johns requested authority to transfer up to $150,000 from general checking into the PSB money market account to increase interest revenue; Commissioners Davis and Jenson moved that transfer and the motion passed on a unanimous roll-call vote.
Why it matters: The actions close out 2024 financials, ensure compliance with reporting and debt-service requirements, and authorize a short-term cash placement intended to earn higher interest. The minutes record the approvals but do not provide account numbers or the precise allocations for each transfer line item.
The commission also approved routine bills and payroll earlier in the meeting.
