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<br />Memorandum <br /> <br />Date: August 24, 2020 <br /> <br />To: Honorable Mayor and City Council Members <br /> <br />Through: Mark R. Statz, City Administrator/City Engineer <br /> <br />From: Bruce DeJong, Finance Director <br /> <br />Item: City Hall Renovation Finance Plan <br /> <br /> <br />General Fund Î Fund Balance Policy <br />A few months ago, the City Council decided on an amendment to its General Fund, Fund <br />Balance Policy which aligned with recent practice to maintain between 40 and 50% of the <br />cluding transfers out, as a fund balance. This policy now <br />means that, based on the 2019 audit results, and the 2021 Proposed General Fund Budget <br />have $247,265 beyond the top end of the targeted <br />range, in fund balance. This is higher than the amount shown during the discussion on <br />fund balance policy due to a calculation error. Below is the proper calculation. <br />NewFundBalancePolicy <br />$1,652,471123119FundBalance <br />($3,254)LessNonSpendable <br />$1,649,217AUnassignedFundBalance <br /> <br />$2,493,7032021Expenditures <br />$310,2002021Transfers <br />$2,803,9032021TotalExpendituresandTransfers <br />$1,401,952B50%ofTotalExpenditures <br />$247,265AB=AvailableFundsover50%Policyamount <br /> <br />