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2020_0511_CCPacket
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2020_0511_CCPacket
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1/7/2022 8:56:41 AM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
5/11/2020
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35$249,140 to License Center–to offset lost revenues <br />36$124,947to Communications Fund –for operations per 2020 budget <br />37 <br />38 Under this recommendation, a total of $861,637 would be transferred out of the Cash Reserve Fund, <br />39 leaving a balance of $204,450. Any subsequent use of the Cash Reserve Fund will come back to the City <br />40 Council for discussion and authorization. <br />41 <br />42 P OLICY O BJECTIVE <br />43 It is recommended that the City adhere to its established fund reserve policies both in the movement of <br />44 excess cash reserves and in the maintenance of minimum balances. . <br />45 F INANCIAL I MPACTS <br />46 See above.. <br />47 S TAFF R ECOMMENDATION <br />48 Staff recommends the City Council receive the 2019 Cash Reserve Fund report showing the transfer <br />49 of $861,637 from targeted funds to the Cash Reserve Fund and make a motion to transfer funds from <br />50 the Cash Reserve Fund to the following funds: <br />51 <br />52 $317,565 to General Fund – to maintain minimum fund balance <br />53 $169,985 to Parks & Recreation Fund –to offset lost revenues <br />54 $249,140 to License Center –to offset lost revenues <br />55 $124,947 to Communications Fund – for operations per 2020 budget <br />56 R EQUESTED C OUNCIL A CTION <br />57 Motion to receive the 2019 Cash Reserve Fund report showing the transfer of $861,637 from targeted <br />58 funds to the Cash Reserve Fund. <br />59 <br />60 -and- <br />61 <br />62 Motion to transfer funds from the Cash Reserve Fund to the following funds: <br />63 <br />64 $317,565 to General Fund – to maintain minimum fund balance <br />65$169,985 to Parks & Recreation Fund –to offset lost revenues <br />66 $249,140 to License Center –to offset lost revenues <br />67 $124,947 to Communications Fund – for operations per 2020 budget <br />68 <br />69 <br />Prepared by: Michelle Pietrick, Finance Director <br />Attachments: A: Operating Fund Reserve Policy <br /> B: Cash Reserve Fund Levels as of 12/31/19 <br />Page 2 of 2 <br /> <br />
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