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Finance director flags $4.6 million Ho-Chunk balance, recommends reclassification to maximize interest
Summary
Staff told the finance committee the Ho-Chunk (whole-chunk) account shows about $4.6 million but that much of it now represents unrestricted interest; the finance director recommended reclassifying interest into the general fund or LGIP and bringing a resolution next month to reimburse the general fund for project-fronting.
The finance director said the county's Ho-Chunk account appears to hold about $4.6 million but that the sum increasingly includes unrestricted interest rather than strictly restricted project funds. Staff recommended reclassifying interest into the general fund or moving balances into the local government investment pool (LGIP) to earn higher returns and proposed bringing a resolution to the committee to effect the accounting cleanup.
Members cautioned staff to confirm how much remains restricted to projects and to avoid moving funds that remain earmarked. Staff said they will crawl through past general ledgers, verify carry-forwards, and return with a resolution and more precise figures. The director noted moving unrestricted interest out of the Ho-Chunk account could increase investment income available for budgeting.
