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Board tables $3.4 million water appropriation after accounting questions
Summary
The Board of Estimate and Board of Goodman on June 4 tabled a proposed $3,402,630 increase to the water department’s appropriation after members raised questions about whether the amount should be recognized as notes payable or handled as a transfer; staff said the funds are expected from EFC financing.
Sam Fine, chief city auditor, told the board the proposed increase would raise both revenue and expense lines by $3,402,630, saying the source of the funds would be "EFC financing for the projects." The proposal would record the amount on the notes-payable line and book the matching expense in distribution capital outlay. Members pressed for clarification about whether the amount should be entered as an increased appropriation or handled through internal transfers and balance-sheet entries.
A board member moved to table the appropriation while staff reconciled GL coding and the city’s financial-system entries; Sam Fine seconded. The motion to table the $3,400,000 increase was put to the board and acted on. Participants agreed to follow up with corrected accounting entries and additional documentation before the matter returns to the board.
