Finance committee previews roughly $770,000 in end-of-year transfers ahead of joint meeting

The Dennis Finance Committee spent part of its July 13 meeting briefing new members on an upcoming joint session with the select board to approve required interaccount transfers to close the fiscal year.

A committee member explained the transfers are a routine mechanism that move available revenues into accounts that must pay outstanding bills before fiscal close. He said one specific transfer the committee will see at the joint meeting is a proposed $212,000 move from a salaries line to cover electric bills; he added that the total transfers this year are roughly in the neighborhood of $770,000, figures that were provided in meeting materials.

The member said transfers commonly use leftover revenues such as tipping fees and beach receipts that otherwise would have gone to free cash, and that the transfers are required to ensure the books close in compliance with state law. "By law, we have... July 15 to reconcile everything," the member said, noting the fiscal year ends June 30.

The committee confirmed the transfer details were available in the meeting packet and encouraged new members to review them in advance of the joint meeting scheduled for the following day; both the finance committee and the select board must approve these transfers.