4. Interfund Activities and Transactions

City Council · 2026-04-21 · agenda_item

This item concerns interfund financial transactions for the City of West Melbourne. It details how the city accounts for money owed between different city funds for goods or services. These are recorded as amounts due from or to other funds. Long-term loans between funds are called advances. These internal balances are removed in certain financial reports but may appear in others. This item is under review as part of the city's financial statement notes. The scope of work involves accounting and financial reporting processes. This is an early stage in the city's financial operations review. The opportunity is for businesses providing accounting, financial consulting, and administrative support services to engage with the city early in its financial planning and reporting cycle.