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41 through property taxes but also serves as the fund that provides financial support in the short term 42 should another fund fall below its minimum fund balance. Based on reserve fund policies and 43 operational needs, staff recommend that the following amounts should be transferred to (from) the cash 44 reserve fund, for a net of $413,928: 45 $424,236 from the Parks & Recreation fund to the cash reserve fund 46 ($10,308) to the Communications fund from the cash reserve fund 47 48 Policy Objectives 49 It is recommended that the City adhere to its established fund reserve policies both in the movement of 50 excess cash reserves and in the maintenance of minimum balances. 51 52 Equity Impact Summary 53 There is no direct equity impact to the fund transfers recommended in this staff report. 54 55 Budget Implications 56 See above. 57 58 Staff Recommendations 59 Staff recommends the City Council receive the 2024 Cash Reserve Fund report showing the transfer in 60 and out net of $413,928 to the Cash Reserve Fund and make a motion authorizing those transfers from 61 the Parks & Recreation fund and to the Communications fund. Staff further recommend leaving the 62$153,352 excess in the License Center fund to assist in paying preliminary costs associated with a new 63 building. 64 65 Requested Council Action 66 Motion to receive the 2024 Cash Reserve Fund report showing the transfer of $424,236 from the Parks 67& Recreation fund and $10,308 to the Communications fund for a net transfer to the Cash Reserve 68 Fund of $413,928 and to leave the excess cash reserves in the License Center fund of $153,352 to pay 69 for preliminary costs associated with a new building. 70 71 Michelle Pietrick, Finance Director Prepared by: 1. Operting Reserve Policy Attachments: 2. 2024 Estimated Cash Reserves 72 Page 2 of 2 Qbhf!93!pg!242