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