City Transfers Over $1.1 Million in Surplus Funds to Street Facility Project

Northeast Radio SD News - Watertown, SD - The City Council has authorized the City Finance Officer to transfer a surplus cash balance of $1,176,743.55 from the completed Ice Arena Project Fund to the new Street Facility Project Fund.

Finance Officer Kristen Bobzien presented the request to the Council, explaining that the transfer is a matter of "accounting housekeeping" following the successful conclusion of the Ice Arena project.

The original fund (Fund 506) was established to manage the bonds and project costs associated with the construction of the ice arena. Since that project is now complete, the remaining balance is being moved into Fund 505, which is designated for the upcoming Street Facility Project.

When questioned by the Council about how over $1 million was left over, Finance Officer Bobzien explained that the surplus was due to a combination of factors:

·  Interest Earnings: The cash accumulated interest over the duration of the Ice Arena project.

·  Extra Transfers: Additional funds were transferred into the account during the project's process, which were not ultimately needed.

The motion to authorize the transfer passed with a unanimous voice vote. The transfer allows the substantial unspent funds from the Ice Arena project to be reinvested directly into the new critical infrastructure effort—the Street Facility Project.

Transfer Cash Balance.pdf

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