Council Approves Long List of Transfers for End of Fiscal Year

June 26, 2013
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The Common Council last week approved a long list of departmental transfers, to help ensure that each of the city’s department budgets ends the fiscal year on June 30, 2013 with a positive balance.

Many of the transfers were made from the city’s Budgetary Fund Balance, also known as free cash, which results from budgeted line items turning over left over funds from the prior year, or from estimated receipts, for items such as fees and licenses, beating expectations.

According to new Budget Director Richard Vicay, the city began last Tuesday night’s meeting (June 18) with an estimated free cash balance of 2.55 million. After all approved transfers requests, the city still would have $2.14 million in free cash. An additional sum of free cash was also transferred to help balance the FY 2014 budget and reduce the tax rate for Everett residents.

The list of approved transfers, which concurs with earlier votes of the Board of Aldermen includes:

$10,000 from the ISD Other Personal Services Account into the ISD Equipment Maintenance Account

$100,000 from the Budgetary Fund Balance (Free Cash) to the Medicare Account

$15,000 from the Budgetary Fund Balance (Free Cash) tom Active Police and Fire Account

$1,000,000 from Free Cash to the FY 2014 Tax Rate

$650,000 from parking meter receipts to Fiscal 2014 tax rate

$24,270 from Free Cash to Demo of Buildings account

$120,000 from Free Cash to Treasurer/Collector Tax Title Foreclosure Account

$6,685 from the Registrar of Voters Accounts to the Voters Salary account

$65,000 from Free Cash to City Clerk’s Inspector Account

$6,030 from Mayor’s Reserve Fund to Library Salaries

$54,000 from Free Cash to Comp General Liability

$150,000 from Free Cash to Worker’s Comp Trst/Exs Insurance Account

The Council voted to approve the FY 2014 budget of $146,305,994 and the Water/Sewer Enterprise Fund FY 2014 budget of $14,524,337.