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UNFINISHED BUSINESS – 10A <br /> <br /> MEMORANDUM <br /> <br />DATE: September 12, 2016 <br /> <br />TO: Honorable Mayor and City Council Members <br /> <br />FROM: Sue Iverson, Interim City Administrator/Director of Finance and <br />Administrative Services <br /> <br />SUBJECT: Approve Fund Balance Transfer from General Fund to PIR Fund and <br />a Budget Amendment <br /> <br /> <br />Staff Recommendation <br /> <br />Staff recommends tabling this item to a later date to be determined. <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 the fund balance in the General Fund to <br />the PIR Fund once the final audit is completed with Council approval. <br /> <br />The final audit for 2015 showed the fund balance for year-end 2015 was 62.9% over the <br />2016 budgeted expenditures. The amount of the transfer according to the policy is <br />$565,121. As the Council requested, this was brought forward to the Council on June 27, <br />2016, for approval of a transfer and a budget amendment to the 2016 budget. The City <br />Council tabled this item to the September 12, 2016, meeting to discuss in conjunction <br />with the 2017 budget. <br /> <br />Discussion <br /> <br />Since the Preliminary 2017 budget has not yet been finalized and the City Council has <br />not yet had a chance to review and discuss this item, staff would recommend tabling this <br />item to a later date. The Council will set a preliminary levy at the September 26, 2016 <br />meeting, but a final levy will not be set until December 12, 2016. <br />