Transfers funds to cover debt – Ida Grove City Council again explores fluoride

The Ida Grove City Council took action to transfer $435,091.38 between city fund accounts during its meeting Feb. 1. Northland Securities first informed the council of the $435,091 negative balance at its Jan. 7 meeting.

At the recommendation of Northland Securities, the council approved a resolution transferring the following funds:

•Transfer $130,000 from the local option fund to the general fund to assist in the general fund deficit.

•Transfer $119,200 from the local option fund to the equipment fund for fire department depreciation for fiscal year 2018 ($40,800), fiscal year 2019 ($58,400) and a $20,000 reimbursement from the fire department for a portion of a fire truck purchase.

•Declare a surplus in the water fund and transfer $320,000 from the water fund to the general fund to assist in funding the general fund deficit. This will leave $111,632.47 in the water fund as of Dec. 31, 2018, which is approximately six months’ operating expenditures.

•Total transfer to the general fund is $450,000.

•Total transfer to the fire depreciation is $119,200.

See the full story in the Feb. 27 edition of the Ida County Courier or subscribe online for instant access.