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Finance committee asks for clearer accounting of roughly $20 million in city funds and restrictions
Summary
Finance staff reported roughly $19 million in bank deposits and about $20 million including investments; committee members pressed for clarity on which funds are restricted or encumbered, questioned the status of Charles Washington Hall landlord funds and a $250,000 Brownfields / EPA revolving-loan balance, and asked staff to reclassify and present updated balances.
Finance staff told the committee the city holds roughly $19 million in bank deposits and about $20 million when investment accounts are included, but committee members said the presentation made it difficult to tell which funds are truly unencumbered or restricted.
"We have 19,000,000 in the bank. And with our, investment accounts, we have 20,000,000," Laurie said while reviewing account balances. She also flagged an error in the report: the Charles Washington Hall landlord total was not included in the unencumbered column and should raise the balance to approximately $7 million rather than $6.3 million.
Members pressed staff to identify which balances are legally restricted by grants or bond covenants and which are council-designated reserves. Laurie said some federal and state deposit accounts are used as direct-deposit repositories for reimbursements and must be moved into the correct accounts; she identified a roughly $250,000 mix of Brownfields and federal-equitable funds that needs reallocation.
Committee members also questioned parks-and-rec accounting and recurring general-fund transfers to that body, asking for clearer documentation showing how much the parks organization actually has in operating versus capital accounts and what the city's ongoing contributions cover.
Laurie said she will research grant restrictions, move funds where appropriate, and prepare an updated spreadsheet showing true unencumbered balances and account designations for the committee and the council. Members said they want a clearer public presentation so residents understand why large cash balances are not immediately available for tax relief or new spending.
Next steps: staff will correct the Charles Washington Hall inclusion, research restrictions (including Brownfields/RLF and CDBG-related balances), transfer funds to the appropriate restricted accounts and circulate an updated electronic report to the committee and council.
