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Midlothian development board reviews April financials, plans $3.6M fund transfer
Summary
Staff reported April finances showing pooled cash of about $9.4M and a plan to transfer $3.6M from the debt service fund to eliminate a negative unassigned fund balance; board members asked for timing and detail, which staff said will appear in June reports.
Staff opened the financial report with a summary of the balance sheet and cash position, saying 'your pool cash at $9,400,000' and that sales tax receivable was roughly $699,000. The presentation listed investments, liabilities and a series of commitments that left an apparent negative unassigned fund balance on the published April report.
Staff told the board that the apparent shortfall will be corrected by a planned transfer: 'we are going to move $3,600,000 from the debt service fund' into the proper debt-service account, which staff said will appear on the June financial reports. Board members confirmed they understood the timing and asked staff to include the transfer in the next reporting cycle. The item was informational; no formal budget amendment was adopted beyond the previously scheduled budget vote later in the meeting.
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