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Park Rapids council transfers surplus general-fund dollars to cover negative capital-project balances
Summary
Following an auditor request, the council approved journal entries moving surplus General Fund money to eliminate negative balances in Capital Project Funds; Administrator Weasner reported the transfer was requested by the auditor.
Administrator Weasner told the council that the auditor requested transfers from the General Fund to eliminate negative balances in the Capital Projects Funds.
On a motion by Councilmember Little, seconded by Councilmember Stone, the council unanimously approved the journal entries transferring surplus General Fund dollars to bring the capital-project accounts out of deficit. The action was described in the meeting as an accounting transfer suggested by the auditor to correct fund balance positions rather than a new expenditure.
The transfers were recorded administratively as journal entries; the council’s motion authorizes staff to complete the accounting adjustments so the capital project funds show nonnegative balances going forward.
