Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council approves split of utility fund into four funds to comply with federal/state rules
Summary
City consultant Bernardo Sandoval told the council splitting the Utility Fund into separate garbage, water, sewer and lights funds will improve transparency and meet funding requirements; council approved the split and directed staff to work with the city CPA to complete transfers before the next budget cycle.
City consultant Bernardo Sandoval told the council the city has been working for about a year to split the Utility Fund into four distinct funds—garbage, water, sewer and lights—to comply with federal and state funding requirements and improve grant eligibility and transparency. Sandoval said the split increases clarity for profit-and-loss tracking by department and facilitates grant fundraising.
Councilmembers noted the split had been discussed previously but may not have been formally documented. Cameron Kinney emphasized carrying out the split at the start of the fiscal year (July 1) for a clear accounting cutoff. Kinney moved to approve the fund split and directed staff to work with Sandoval, the city CPA, to complete asset transfers and documentation; Denise Taylor seconded and the motion passed.
