HomeMy WebLinkAbout4D, Transfer of $500,000_ _ _ _ _
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Re uest for Council Action
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Prepared By: Council Meetin Date: October 13 2008
Sue Iverson, Finance Director/Treasurer � g '
A motion to approve a transfer of $500,000 from General Fund reserves to the
Equipment, Building and Replacement Fund.
Budgeted Amount: Actual Amount: Funding Source:
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Recommendation:
Staff recommends a motion to approve a transfer of $500,000 from the General fund to
the Equipment, Building and Replacement fund as discussed during the 2008 budget
discussions.
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Supporting Documents:
1. Memo (10/9/08) from Sue Iverson, Finance Director/Treasurer.
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� ` MEMORANDUM
DATE: October 9, 2008
TO: Honorable Mayor and City Council
Ronald Moorse, City Administrator
FROM: Sue Iverson, Finance Director/Treasurer
SUBJECT: $500,000 Transfer from General Fund to Equipment, Building and Replacement
Fund
Background:
During the 2008 budget discussions, it was decided to transfer $500,000 from the General fund
reserves to the Equipment, Building and Replacement fund for City Hall repairs and initial
funding to the fund. At that time it was decided that this transfer would take place in 2009.
Discussion:
As a housekeeping item, staff needs formal approval for documentation to transfer these funds
for audit purposes.
Staff Recommendation:
Staff recommends a motion to approve the transfer of $500,000 from the General fund to the
Equipment, Building and Replacement fund.