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07-25-22-R
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07-25-22-R
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Page 1 of 2 <br /> <br />CONSENT ITEM – 6C <br /> <br />MEMORANDUM <br /> DATE: July 2 5, 2022 <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 $102,540 from the General Fund to the Capital Improvement (PIR) Fund and <br />authorizing the Finance Director to complete all corresponding budget adjustments. <br />Increase the street maintenance budget by $177,280 for overages from the Coon Rapids <br />JPA and PW 2022 in-house street maintenance project. <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 2021 audit is $279,820. The 2022 Street <br />Maintenance work is utilizing $177,280 of this amount. Staff is proposing to transfer the remaining <br />amount of $102,540 to the PIR Fund per the discussion with the Council at the July 18, 2022 Work <br />Session. The table below lists some of the main reasons for this excess: <br />
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