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ARDEN HILLS REGULAR CITY COUNCIL – NOVEMBER 28, 2016 8 <br /> <br />7. PUBLIC HEARINGS <br /> <br />None. <br /> <br />8. NEW BUSINESS <br /> <br />None. <br /> <br />9. UNFINISHED BUSINESS <br /> <br />A. Approve Fund Balance Transfer from General Fund to PIR Fund and a <br />Budget Amendment <br /> <br />Interim City Administrator/Director of Finance and Administrative Services Iverson stated <br />in 2014, the Council adopted a revised Fund Balance Policy which directs the Finance Director to <br />transfer any excess funds over 50% of fund balance in the General Fund to the PIR Fund once the <br />final audit is completed with Council approval. <br /> <br />Interim City Administrator/Director of Finance and Administrative Services Iverson <br />explained the final audit for 2015 was complete and the fund balance for year-end 2015 is 62.9% <br />over the 2016 budgeted expenditures. The amount of the transfer according to the policy is <br />$565,121. As the Council requested, this is being brought forward to the Council for approval and <br />a budget amendment to the 2016 budget. <br /> <br />MOTION: Councilmember Holden moved and Councilmember Holmes seconded a <br />motion to approve a transfer from the General Fund to the PIR Fund of <br />$565,121. <br /> <br />Mayor Grant requested an amendment to the motion, reducing the amount being transferred by <br />$40,000 with the intent of using these funds to reduce the levy. <br /> <br />AMENDMENT: Mayor Grant moved and Councilmember McClung seconded a motion <br />to reduce the transfer from the General Fund to the PIR Fund by <br />$40,000 with the intent of using these funds to reduce the 2017 levy. <br /> <br />Mayor Grant believed $525,000 would still be an adequate amount of funds to assist in <br />completing trails and other infrastructure improvements. He wanted to see the surplus used to <br />provide some break to taxpayers given the level of the surplus. He believed that $40,000 would <br />not go very far when it came to trail connections, but would assist in buying down the levy <br />amount. <br /> <br />Councilmember Wicklund commented the Council was not making a levy decision this evening. <br /> <br />Mayor Grant reported this was the case. The levy would be approved on December 12th. He <br />commented the approval of the PIR transfer could be tabled until that meeting. <br />