VERSAILLES — Budgeting and juggling money were the topics of discussion at the Versailles Village Council meeting Wednesday, as they discussed the transfer of funds from the Water Fund to the Wellfield Development Fund.
Village Administrator Mike Busse addressed the council stating they created the wellfield development fund at the beginning project expenses for the wellfield and waterline coming into town. When the village created the funds, Fiscal Officer Kathy Ording received direction from the Auditor’s office to take all the current expenses and move them into that fund in order to be paid out of there.
“We moved all our engineering contracts from the regular water fund -which has money in it to this wellfield development fund,” Busse said. “We need the money now to follow those POs.”
Busse said they have expenses that are ready to come out of the wellfield fund, but the only money they had in the fund was money that was generated by the ARPA fund. It was advised that when the council moved all the engineering contracts over, it ate through the ARPA money that had been placed into the fund.
“We are trying to continue to work on this project, but we have no free cash in that fund,” Busse said. “The first step is that because we moved all these engineering services that would have been paid out of the water fund to the wellfield fund, this is the money that follows those engineering fees.”
As the project moves forward, the council will revert back to the Finance and Audit board to talk about long term payment solutions to figure out how the wellfield will be funded. Busse said “the village has everything budgeted, but the council’s budgeted revenues for the project are loans or grants”.
“You don’t get those loads or grants until after you start the project, so we are going to have to generate free cash from someplace whether that’s from the water fund or general fund. It’ll be seed money to kind of keep us moving forward,” Busse said.
The first step for the village is ….
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