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Council ratifies $2.07M in year-end transfers and approves short-term loans
Summary
Council ratified 10 transfers totaling $2,074,175.90 for FY2025 including $979,766.17 for an ARP-funded traffic signal and $824,000 for a wastewater pump station, and approved temporary loans totaling $240,000 to cover cash-flow timing through June 30, 2026.
At its Feb. 17 meeting the Clarksville Town Council ratified year-end budget transfers totaling $2,074,175.90 and approved temporary inter-fund loans to cover timing shortfalls through June 30, 2026.
Staff explained the transfers are routine after closing the prior fiscal year; the transfers move excess subcategory balances to subcategories that ended negative on Dec. 31 and are then presented for council ratification. Clerk-Treasurer explained the action is intended to avoid sub-budget negatives ahead of the State Board of Accounts audit, saying, "The State Board of Accounts makes an annual surprise audit... they're very strict about making sure that we have nothing... in no sub budget category in the negative."
Council discussion called out two large transfers that account for most of the total: $979,766.17 for an ARP-funded signal at Westmont (Highway 311) and $824,000 for a wastewater pump station. Council approved the ratification ordinance and a companion resolution authorizing short-term loans: $30,000 from rainy-day to vehicle maintenance/repair, $200,000 from rainy-day to fire territory operating, and $10,000 from wastewater operating to wastewater capital; staff said the temporary loans will be repaid from FY26 revenues prior to June 30.
