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AGENDA ITEM 1C <br /> <br />MEMORANDUM <br /> <br />DATE: April 14, 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: Updated Fund Balance Policy <br /> <br /> <br /> <br />Background <br /> <br />Fund Balance Policy was last updated in 2011 when the new GASB Standards <br />took effect. <br /> <br />Discussion <br /> <br />The Financial Planning and Analysis Committee (FPAC) is doing a review of all of our <br />policies and has recommended the following updates which are shown in the attached <br />policy draft. The recommended updates to the policy are to: <br /> <br />1.Update titles and add in language for the internal service funds which we did not <br />have at that time, and revision dates. <br /> <br />2.Change the language in item 3.a. under Policy Statements to have the Director of <br />Finance and Administrative Services transfer any amount that exceeds 50% of <br />the final fund balance after the audit number is known to the PIR Fund for the <br />year. <br /> <br />Action Requested <br /> <br />Council feedback on the proposed changes recommended by the Financial Planning and <br />Analysis Committee. <br /> <br /> <br />Attachments <br /> <br />Attachment A: Draft Fund Balance Policy <br />