Commission asks finance director to explain large deposits and debt-service timing

The Building Commission spent its main agenda item on a financial review in which members asked for clearer accounting of large deposits and debt-service timing. Staff presented bank statements that had been circulated in the packet and noted that some charges are combined into single checks, which can make line-item tracing difficult. "We just have the bank statements and then at the back of that," Staff member said while pointing members to the packet, and added that "the Potomac Edison bills get combined into 1 check."

Committee members focused on two deposits in the September and October statements that appeared to total roughly $27,000 and $81,000 and asked whether those deposits related to USDA loan financing or represented catch-up payments. "So it looks to me like that is probably about $27,000 a month times 3 is about 81,000, which would mean that that was for some reason, July and August weren't paid until, September?" Committee member said, urging staff to clarify the timing. Members also noted recurring debt-service obligations and asked for a clearer presentation of monthly debt-service amounts.

As a result the commission agreed to invite the finance director to the next meeting so staff can present a consolidated package covering June through October and explain how deposits and debt-service payments are recorded. Staff agreed to request the director attend and to prepare a clearer packet so commissioners feel comfortable approving future financial reports.