Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pocket Park Funding topic
No spam. Unsubscribe anytime.
City to bridge Monroe Pocket Park fundraising with fund balance as pledges are collected
Summary
Staff told the committee the city plans to use existing fund balance to bridge multi-year pledges for the Main Street Monroe Pocket Park, with the loan recorded as a receivable until donations reimburse the city.
Administrator Wendy said the city will use its fund balance to temporarily advance money for the Main Street Monroe Pocket Park while fundraising pledges are collected, rather than treating the amount as a budgeted expense.
Wendy described the plan as a use of fund balance to be replenished when Main Street's pledged donations and reimbursements arrive. Baumann Associates consultant Eric said the amount advanced should be shown on the city's balance sheet as a receivable: "It's really on your balance sheet, and it should be shown as a receivable." Staff and the consultant agreed that the loaned funds would not be an operating budget expense unless interest were charged.
Committee members asked how the city would record the transaction and whether receivables would be tracked; staff said those details would be reflected on the balance sheet and in follow-up budget materials.
