Funds Dance In and Out of Accounts

City Has About $10 million On Hand

By Josh Resnek

The City Council after limited debate Monday night transferred almost $3 million from one city account into three separate accounts in amounts ranging from slightly more than $1 million, $899,000 and a second $899,000 to meet mandated obligations as well as to provide for coming expenses and expenditures as they may arise, according to the city’s Chief Financial Officer Eric Demas.

Demas, who explained the transfers to the council, refused to answer or was unable to answer a reporter’s yes or no question about the city’s cash position.

“Does this mean the city has about $11 million in cash on hand right now?” the reporter asked.

“I’m here watching what’s going on. I can’t answer,” he said, wishing to cast aside the reporter’s question.

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