During a recent session of the County Commission, commissioners engaged in discussions pertaining to end-of-year financial resolutions. As the calendar year draws to a close, aligning with the conclusion of the County's fiscal year, staff members presented several year-end actions that necessitate the approval of commissioners through resolutions. The following are three resolutions proposed for the fiscal year 2023.
Resolution No. 23-2393 grants authorization for the cancellation of payments that have remained unclaimed for a period exceeding two years, in accordance with state law.
Resolution No. 23-2394 articulates the County's intention to prepare financial statements for 2024 based on the standards outlined in the Kansas Municipal Accounting and Audit Guide, as opposed to the Generally Accepted Accounting Principles standards. This approach is not only more cost-effective but also ensures sufficient transparency for the public and bond markets.
Resolution No. 23-2395 empowers the Treasurer to transfer surplus funds from operating to reserve funds before the conclusion of the 2023 audit. This strategic move enables the County to retain these funds for future capital projects and equipment acquisitions.
Staff recommended the adoption of all three resolutions, emphasizing their annual nature and the pivotal role they play in maintaining the seamless financial operations of the County.
It is important to note that the proposed resolutions do not have an immediate financial impact. However, the failure to adopt Resolution No. 23-2394 would result in additional expenses for the preparation of financial statements in the upcoming year. Likewise, the failure to adopt Resolution No. 23-2395 could potentially affect the availability of funds for the County's future capital and equipment purchases.
The approval of these resolutions was unanimous, with a 5-0 vote by the commissioners.