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Staff: SRS exchange raises highway fund bookkeeping needs; IGA and interfund resolution required
Summary
City staff reported the county-approved state revenue-sharing (SRS) exchange of $68,000 will require an interfund transfer resolution and an IGA because cash will actually move between the county and city, reducing the highway fund—eginning balance and changing year-start resources.
Staff told the council the county approved the full SRS exchange of $68,000 and that the draft intergovernmental agreement means the city and county will exchange cash, not just paper entries. "It sounds like what we need to do is we're actually going to send them money, and they're gonna send us money," staff said, so the city will need an interfund transfer resolution and a council resolution to approve the IGA.
The staff presentation showed the highway fund—eginning cash on hand would drop from about $635,000 to roughly $567,000 under the exchange and that staff revised several RTMP/tourism line items to reflect available resources. Council directed staff to prepare the interfund transfer resolution and return the IGA for formal approval.
