Oak Creek transfers funds for budget
October 13, 2007
Oak Creek — In order to balance Oak Creek’s budget, the Oak Creek Town Board made a $250,000 transfer from the town’s electric fund to its general fund Thursday night.
Mayor J. Elliott, who has decried the accounting practice of transferring money among the town’s accounts, admitted that the one-time transfer was necessary.
“This is from prior years that should have been transferred through resolution that never were,” he said. “We’ve all talked about it; we’ve all agreed on it. It’s just to balance our budget on the books.”
The town’s projected deficit is about $228,091.
Treasurer Sandy Jacobs said that transferring $250,000 gives the general fund “a running start.”
Despite advice from Denver-based auditor Tim Mayberry, who said transferring money is not a widely accepted accounting practice, the town opted to make the transfer to resolve its deficit.
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“I don’t think it’s a good idea, you all know how I feel about taking money from the electric fund to balance the general fund,” Elliott said. “This resolves the issue.”
The transfer was approved, 6-1. Town Board member John Crawford was the lone dissenting vote.
The board also agreed to discuss its 2008 supplemental budget at an upcoming meeting.
In other business, the Town Board:
– Heard from Oak Creek Planning Commissioner Gerry Greenwood, who is concerned about an Oak Creek resident operating a business without first coming before the Planning Commission. Greenwood urged the board to be consistent and enforce the town’s land-use code.
– Heard from Oak Creek resident Rachel Green, who had concerns about who was responsible for paying for a power pole that fell on her property in January.
– Approved its Sept. 27 meeting minutes and September accounts payable.
– Heard from Gerry Green-
wood regarding his Arthur Avenue property, and a waiver of First Right of Refusal by the town.
– Approved a resolution of the town’s wastewater enterprise fund authorizing the issuance of a promissory note.
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