The borough finance department has “found” $2 million to add to its ledger of cash, cash equivalents and long- and short-term investments, boosting the total to closer to $38 million.
The money wasn’t lost as much as left off a ledger.
Joyce Mason, the finance director in 2020, had transferred $2 million from a UBS operating investment account into a KeyBank account invested in the Alaska Municipal League Investment Pool, said Mason Villarma, finance director.
“That $2 million has been sitting in that KeyBank account since May of 2020,” said Villarma. “After digging a little bit, we discovered that was a separate account.”
The Key Bank account continues to exist, but Villarma did not include it in his report of cash and investments at the Oct. 12 assembly work session because the finance department didn’t know it was there.
That means the additional $2 million should have been added to the fund balance, according to Villarma’s update to the assembly on Oct. 26.
“It’s not new money,” Villarma said. “It was just never recorded very diligently.”
Villarma started in the job in September, after the borough had been without a finance director since February.
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