Discussion and possible action to approve the following line item transfers:
From:
010-7002-6405-01
Traffic Signs
$4,500
010-7002-6205
Materials & Supplies
$5,000
$9,500
To:
010-7002-6224
Minor Tools & Apparatus
$9,500
Issue: There are insufficient funds in our Minor Tools & Apparatus account. We won't be able to pay for projected expenses. We purchased a pressure washer to replace an existing one that broke. We had originally used account #010-7002-6205 (Materials & Supplies). We received an e-mail from Auditors asking us to make a line item transfer. The remainder of the money is to make sure we have available funds in case we are required by Auditors Department to charge Minor Tools & Apparatus account, again. Monies will also be used to purchase tools to replace old/broken tools, as needed.
Solution: Transfer funds to Minor Tools & Apparatus account.
Result: We will be able pay for future expenses and finish the Fiscal Year without any financial issues.