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<br />Page 1 of 1 <br /> <br />AGENDA ITEM – 1D <br /> <br />MEMORANDUM <br /> <br />DATE: July 17, 2017 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> William S. Joynes, Sr., City Administrator <br /> <br />FROM: Dave Perrault, Interim Director of Finance and Administrative Services <br /> <br />SUBJECT: Budget Amendment <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> $0 $302,644 General Fund <br /> <br />Council Should Consider <br /> <br />The City of Arden Hills had an unassigned General Fund Balance of 56 percent of the <br />subsequent year’s operating budget in 2016. The Council may choose to transfer the 6 percent <br />surplus, $302,644, or a different amount to the Permanent Improvement Revolving (PIR) Fund. <br /> <br /> <br />Background <br /> <br />Per the City’s Fund Balance Policy, following the annual audit a General Fund Balance in excess <br />of 50 percent of the subsequent year’s operating expenditures may be transferred to the PIR Fund <br />per the City Council’s direction. <br /> <br /> <br />Discussion <br /> <br />City Staff respectfully request the City Council discuss the transfer and provide direction to bring <br />forward a transfer of the full surplus, a partial amount, or no transfer at all. <br /> <br /> <br />Attachment <br /> <br />N/A