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Politics & Government

Mount Hood Reserve Fund Increases by $245K

The Board of Alderman approved a $245,814 transfer of free cash—generated by Mount Hood Golf Course last year—to the fund.

The unanimously approved on Tuesday night a transfer of $245,814 to the Mount Hood Reserve Fund from the city's free cash account.

, City Auditor and Chief Financial Officer Patrick Dello Russo told the aldermen's Public Service Committee that the Mount Hood Reserve Fund currently holds $564,365 and that the transfer would bring the fund to a total of $810,179.

The city is transferring funds that were generated by the last year. The golf course generated more revenue than anticipated last year, which created the surplus. State laws and city bylaws require any free cash surpluses to be reviewed by the Board of Aldermen before being returned to the appropriate fund.

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The city has plans to build at and out of Mount Hood's operating budget, but the reserve funds could be used if the project goes over budget.

Dello Russo said at last week's meeting of the aldermen's Public Service Committee that paying off any bonds or costs associated with the new playing fields would first be built into the Mount Hood's annual operating budget and not come from the Mount Hood Reserve Fund. He said having a large amount in the reserve fund makes the city "comfortable" that any capital improvements at Mount Hood can be completed without borrowing.

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