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03-31-14-R
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03-31-14-R
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NEW BUSINESS 9A <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: March 31, 2014 <br /> <br /> <br /> <br />TO:Honorable Mayor and City Council Members <br /> <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> <br /> <br />SUBJECT: 2013 and 2014 Budget Adjustments <br /> <br /> <br /> <br />Background <br /> <br />In 2013 the City Council did a budget adjustment for $500,000 for a TCAAP loan (from <br />the PIR Fund to the General Fund) the Kimley-Horn expenses <br />for the planning and transportation studies. These expenses were also programmed into <br />the 2014 budget (see attachment). <br /> <br />Discussion <br /> <br />In talking with our auditor, we feel it would be much better to set up a separate capital <br />fund for these transactions, as they are basically all infrastructure related and capital in <br />nature. By doing this it will be more transparent and easier to track as the expenditures, <br />fund balance, and revenue sources are expected to come over time as the property <br />develops. By making this change, the General Fund will not have dramatic fluctuations <br />from year-to-year, making it easier and more transparent for everyone to follow the costs <br />and fund balances for both funds and the project (see attachment). <br /> <br />Staff discussed this with the Council at its March 17, 2014, work session and the Council <br />directed staff to put this on the March 31, 2014, agenda. The budget adjustments are as <br />presented in the attachment to this memo. <br /> <br />Action Requested <br /> <br />Motion to approve budget adjustments for 2013 effective December 31, 2013, and to <br />create a new fund called the TCAAP Capital Fund as presented. <br /> <br />Motion to approve budget adjustments for 2014 effective March 31, 2014, as presented. <br /> <br />
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