Colfax has $740,000 In restricted fund balance and $556,000 in assigned fund balance

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By LeAnn R. Ralph 

COLFAX  – The Village of Colfax has balances of $739,483 in restricted funds and $555,860 in assigned funds, with an unassigned fund balance of $233,948.

The Colfax Village Board reviewed the balances in the funds at the May 9 meeting and decided not to make any changes to the assigned fund balances.

Money in the restricted fund balances cannot be reassigned, but money in the assigned fund balances can be reassigned for other purposes.

Here are the amounts in the restricted fund balances:

• Pre-paid expense for softball – $2,353.

• Future Community Development Block Grant program – $57,479.

• Perpetual Care of Colfax Evergreen Cemetery – $28,500.

• Future library operations – $18,942.89.

• Future improvements to the village hall – $77,912.

• Future elevator improvements – $55,233.03.

• Future Tax Increment Finance District 3 expenditures – $186,472.

• Future TIF 4 expenditures – $74,786.

• Future TIF 5 expenditures – $60,493.

• Solid Waste & Recycling – $188,309.

• Debt service expenditures –  minus $8,643.

Total restricted fund balance of $739,483.92.

Assigned funds

Here are the totals in the assigned fund balances:

• Clerk-treasurer equipment – $4,801.

• Generator – $10,305.21.

• Police squad car – $8,830.

• Animal shelter – $1,098.

• Street equipment – $153,399.36.

• Park mower – $12,159.40.

• Park equipment – $2,289.05.

• Park tables – $0.

• Parks buildings, grounds and park playground – $19,313.97.

• Cemetery equipment – $8,862.84.

• Cemetery – $14,344.75.

• Library – $14,344.75.

• Street improvements – $175,965.61

• Holiday decorations – $3,229.54.

• Economic development – $20,000.

• Village hall improvements – $81,876.65.

• Ambulance and ambulance equipment – $33,522.

Total balance in the assigned funds is $555,860.85.

The total in the unassigned fund balance (general fund) is $233,948.23.

The report notes that general fund money was used to pay the deficit in the Colfax Rescue Squad budget, and the deficit amounted to $31,921 in 2019. The amount of the deficit in 2020 was $30,297, and the amount of the deficit in 2021 was zero.