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CONSENT ITEM – 6C <br /> <br />MEMORANDUM <br /> DATE: July 22, 2019 <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 PIR Fund <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br /> <br />Council Should Consider <br />Motion to transfer $300,000 from the General Fund to the Capital Improvement (PIR) Fund and <br />authorizing the Finance Director to complete all corresponding budget 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 />The amount available based on the 2018 audit is just over $300,000. Our preliminary review of the <br />2020-2024 Capital Improvement Plan shows that the PIR Fund has a need for this transfer. The <br />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 /> <br />Budget Impact <br />Increase in transfers out of the General Fund and transfers in to the PIR Fund. <br /> <br />