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CONSENT ITEM 6D <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: July 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: Approve Fund Balance Transfer From General Fund to PIR Fund <br />and a Budget Amendment <br /> <br /> <br /> <br />Staff Recommendation <br /> <br />Motion to approve a transfer from the General Fund to the PIR Fund of $162,417. <br /> <br />Motion to approve a budget adjustment for 2014 for a transfer from the General Fund to <br />the PIR Fund in the amount of $162,417. <br /> <br />Background <br /> <br />In 2014 the Council adopted a revised Fund Balance Policy which directs the Finance <br />Director to transfer any excess funds over 50% of fund balance in the General Fund to the <br />PIR Fund once the final audit is completed with Council approval. <br /> <br />Discussion <br /> <br />The final audit for 2013 is now complete and the fund balance for year-end 2013 is 54% <br />over the 2014 budgeted expenditures less transfers. The amount of the transfer according <br />to the policy is $162,417. As the Council requested, this is being brought forward to the <br />Council for approval and a budget amendment to the 2014 budget. <br /> <br /> <br />