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UNFINISHED BUSINESS – 9A <br /> <br /> MEMORANDUM <br /> <br />DATE: November 28, 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 />Motion to approve a transfer from the General Fund to the PIR Fund of $565,121. <br /> <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 /> <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 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 /> <br />(Please note that this item was brought forward at both the June 27, 2016 meeting and the <br />September 12, 2016 meeting and tabled to a later date.) <br /> <br />