Town of Warner may need to use $138,000 from capital reserves to settle accounting matter
In order to settle an accounting matter, Warner may need to use roughly $138,000 from the town’s capital reserves to balance its books.
The town spent the money on road and bridge projects several years ago. Reimbursements for those projects should have been requested from the capital reserve funds but they weren’t, said Town Administrator Jim Bingham. Now, the town has to address the matter to get its books up to date.
That means the money may have to come from the existing road or bridge capital reserve funds.
“We may look at the fund and see $400,000,” Bingham said. “Suddenly, we say, ‘Oops, no, we may have to take $100,000 from that to pay down outstanding receivables that someone forgot.’ ”
The town is doing further investigation to make sure the numbers are accurate. Officials will likely come up with a decision of how to pay and from what account no later than November, Bingham said.