The Toccoa City Commission approves a transfer from its Commission Reserve Account to cover bills until revenues come in.
On Monday, the city commission unanimously approved two different motions.
First, the commission voted to ratify a transfer of $460,000 from the CRA to the gas fund to cover a gas invoice.
Toccoa City Manager Mike Jackson said that the transfer was necessary since the last meeting to cover bills until expected revenues came in.
“That was done for emergency, expediency purposes,” said Jackson. “There were bills to be paid.”
Toccoa Finance Director Cathy Loudermilk said that $200,000 of that $460,000 has already been re-paid to the Commission Reserve Account. She says that the complete amount could not be re-paid because of another invoice that came due.
Loudermilk then told commissioners that another gas invoice to the Municipal Gas Authority of Georgia, this one estimated at $850,000 would come due prior to the next meeting and she was unsure if sufficient revenues would be in to the city to cover the cost.
At that point, the city commission approved a second motion to authorize another transfer from the Commission Reserve Account to the gas fund to complete the MGAG payment, if necessary.
In other news from Monday’s financial report, Loudermilk reported that the city had reached a net income for the fiscal year so far of just under $168,000. Halfway through the fiscal year, the city has received nearly $12.3 million in revenues and spent about $12.1 million in expenditures, both about 42 percent of what was budgeted for the fiscal year.
City Commissioner Terry Carter asked Loudermilk if she was comfortable with where the city was for the budget year so far. She said she is for all funds, except gas, where she expressed some concern. She and Jackson said that staff has been meeting to review the gas fund situation.