Laserfiche WebLink
Page 1 of 1 <br /> <br />CONSENT ITEM – 6C <br /> <br />MEMORANDUM <br /> DATE: July 26, 2021 <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 Capital Fund <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br /> <br />Council Should Consider <br />Motion to approve, table or deny the following: <br />• Transfer $548,000 from the General Fund to the Capital Improvement (PIR) Fund and <br />authorizing the Finance Director to complete all corresponding budget adjustments. <br /> <br />All items need a simple majority for action unless otherwise noted. <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. The intent of the policy is to utilize <br />the funds for one-time, non-operating items. The primary considerations of the policy are 1) to <br />meet the cash flow requirements of the City; 2) to maintain adequate fund balances and net assets <br />in each individual fund of the City; and 3) to provide for emergencies and contingency needs of the <br />City. These goals are accomplished by transferring the funds to any capital fund in need. <br /> <br />Discussion <br />The amount available for transfer based on the 2020 audit is $548,000. Staff is proposing to transfer <br />this amount to the PIR Fund per the discussion with the Council at the July 19, 2021 Work Session. <br /> <br />Budget Impact <br />Increase in transfers out of the General Fund and transfers in to the PIR Fund. <br /> <br />Attachments <br /> <br /> None