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07-24-23-R
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07-24-23-R
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Page 1 of 1 <br /> <br />CONSENT ITEM – 8E <br /> <br />MEMORANDUM <br /> DATE: July 2 4, 2023 <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 />Council Should Consider <br />Motion to approve, table or deny the following: <br />• Transfer $171,140 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 overtime and sand/salt line items in the General Fund street maintenance <br />budget by $10,000 and $15,000 respectively, for overages due to snow plowing. <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 />Discussion <br />The amount available for transfer based on the 2022 audit is $253,640. The 2023 Street <br />Maintenance budget is utilizing $25,000 of this amount due to overages from snow plowing. <br />$57,500 is being left in the General Fund to cover one-time 2024 budget items for a comp study <br />($17,500) and the start of work on ordinance review/changes ($40,000). Staff is proposing to <br />transfer the remaining amount of $171,140 to the PIR Fund per the discussion with the Council at <br />the July 17, 2023 Work Session. The main reason for this excess is the sale of the Ridgewood <br />property. Budget Impact <br />Increase in transfers out of the General Fund and transfers in to the PIR Fund; increase in 2023 <br />Street Maintenance budget line items noted above. Attachments <br /> None
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