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_ _ _ <br />_ _ __ _ <br />__ _ _ _ <br />_ <br />_ <br />E HILL <br />� ` MEMORANDUM <br />DATE: October 9, 2008 <br />TO: Honorable Mayor and City Council <br />Ronald Moorse, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer <br />SUBJECT: $500,000 Transfer from General Fund to Equipment, Building and Replacement <br />Fund <br />Background: <br />During the 2008 budget discussions, it was decided to transfer $500,000 from the General fund <br />reserves to the Equipment, Building and Replacement fund for City Hall repairs and initial <br />funding to the fund. At that time it was decided that this transfer would take place in 2009. <br />Discussion: <br />As a housekeeping item, staff needs formal approval for documentation to transfer these funds <br />for audit purposes. <br />Staff Recommendation: <br />Staff recommends a motion to approve the transfer of $500,000 from the General fund to the <br />Equipment, Building and Replacement fund. <br />