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Council approves transfers moving roughly $1.1 million into Silver City general fund
Summary
The council approved resolution 20-26-24 to transfer a series of special, state, federal and trust funds into the general fund to cover deficits from the prior fiscal year; total transfers among all funds were reported at about $2.1 million.
The council approved resolution 20-26-24 to amend the prior fiscal year's budget and transfer funds into the general fund to address deficits.
The business operations manager outlined the transfers: "Funds, cannabis funds in the amount of $119,004.11 ... Other federal funded projects in the amount of $30,003.92 ..." and stated a total of $1,106,043.70 was moved into the general fund, with total transfers among all funds of $2,101,002.71. Council members thanked staff for work that kept required adjustments generally under typical percentage thresholds.
After brief questions about the allocation of transfers and debt-service coverage, Councilor Prince moved approval and Councillor Steiner seconded; the mayor recorded the motion as unanimous and entered the resolution into the record.
