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CONSENT ITEM – 6B <br /> <br />MEMORANDUM <br /> DATE: December 10, 2018 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: Transfer fund balance from General Fund to Capital Equipment & Building <br />Replacement Fund <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br /> <br />Council Should Consider <br />Motion to transfer $400,000 from the General Fund to the Capital Equipment & Building <br />Replacement Fund and authorizing the Finance Director to complete all corresponding budget <br />adjustments. <br /> <br />Background <br />In 2014, the Council adopted a revised Fund Balance Policy which directs the Finance Director to <br />bring a request to the City Council to transfer any excess funds over 50% of fund balance in the <br />General Fund to the PIR Fund once the final audit is completed. <br /> <br />Discussion <br />Based on our preliminary review of the 2019-2023 Capital Improvement Plan, the Capital <br />Equipment & Building Replacement Fund has a greater need than the PIR Fund for this transfer. <br />The intent of the policy is to utilize the funds for one-time, non-operating items. This goal is <br />accomplished by transferring the funds to any capital fund. <br />