Marshfield Aldermen Approve Money to Adjust Past Accounting Practices
Friday, February 1st, 2019 -- 9:05 AM
(WDLB) -Marshfield aldermen will use more than a million dollars to adjust past accounting practices, and streamline the process going forward.With Alderman Nick Poeschel absent, the Marshfield Common Council voted 9-to-nothing last night to transfer one-point-five-million dollars from the city's general fund to various tax-increment financing districts. City Finance Director Ron Aumann was asking for the money transfer. He said past accounting practices weren't necessarily wrong, but did not reflect the true revenues or debts of certain "TIF" districts within the city.
The Council's action last night will clean up the accounting of the city's TIF districts between 2011 and 2017. Meanwhile, City Administrator Steve Barg said that will mean one-point-five million dollars that will not be available for other uses within the city--even though the city's general fund totals more than six-million dollars. Aumann said the accounting discrepancy was caught early enough for 2018 and 2019, and so large budgetary transfers will not be necessary for those years.
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