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CONSENT ITEM—6D <br /> 'It <br /> ,- HILLS <br /> MEMORANDUM <br /> DATE: June 27,2016 <br /> TO: Honorable Mayor and City Council Members <br /> FROM: Sue Iverson, Interim City Administrator/Director of Finance and <br /> Administrative Services <br /> SUBJECT: Approve Fund Balance Transfer from General Fund to PIR Fund and <br /> a Budget Amendment <br /> Staff Recommendation <br /> Motion to approve a transfer from the General Fund to the PIR Fund of$565,121. <br /> Motion to approve a budget adjustment for 2016 for a transfer from the General Fund to <br /> the PIR Fund in the amount of$565,121. <br /> Background <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 /> Discussion <br /> The final audit for 2015 is now complete and the fund balance for year-end 2015 is <br /> 62.9% over the 2016 budgeted expenditures. The amount of the transfer according to the <br /> policy is $565,121. As the Council requested, this is being brought forward to the <br /> Council for approval and a budget amendment to the 2016 budget. <br />