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Logan County approves $384,462 inter-fund loan to District 2 pending REAP payment
Summary
As part of the consent agenda the board approved a $384,462 fund-to-fund transfer recorded as a loan to District 2 to be repaid after receipt of REAP grant payment; the transfer was approved unanimously.
During approval of the consent agenda at the April 6 meeting, the Logan County Board of Commissioners authorized a fund-to-fund transfer of $384,462.00 from 1103-6-6000-2005 to 1425-6-4200-2005, recorded as a loan to District 2 to be returned after payment is received from the REAP grant.
Mark Sharpton moved to approve the consent agenda, which contained the transfer; Floyd Coffman seconded. Commissioners Monty Piearcy, Mark Sharpton and Floyd Coffman voted AYE. The motion carried unanimously.
County staff recorded the transfer as temporary loan pending receipt of REAP funding; the board did not amend the transfer conditions during the meeting. Follow-up accounting and reconciliation were noted as implementation steps.
