City should document any interfund loans…

Miller Canfield has suggested that the city should document any inter-fund loans, and have the loans approved by the city council.. You think, the council is the body that approves the funds, they are the people who hold the strings here in the city. The Attorney General said in 1951, No (Aug. 1, 1951) opinion said that Municipal officers have no right to divert money from one fund to another and different fund for which it was not appropriated, but it is not an unlawful diversion to temporarily borrow from one fund sufficient idle money for the benefit of another fund having a stated and sufficient income to repay the sum borrowed, as the former fund is not in such case depleted.

Funds cannot be permanently transferred from one fund to another without an appropriate budget amendment. A loan is permitted provided it is properly documented and approved as a loan by city council so as to distinguish it from an inappropriate transfer.

 

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2 thoughts on “City should document any interfund loans…”

  1. Anxious

    Thank you all of us here can take credit bring both sides out in the open is a good thing. Thank you for all your comments the City needs all of us you me everyone.

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  2. You know that there is nothing I can say any more ,meaning comments except that everything I have read that you have put in this blog is right I agree with everything.Thank you for bringing everything out in the open and educating us.We as a city needs someone like you.

    Like

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