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Attachment 2
<br />The License Center has seen increased activity and will be paying costs associated with the new
<br />building which is why no excess fund reserves were transferred at the end of 2024. The reserve target
<br />is 10-15% of the expenditure budget.
<br />
<br />The Parks & Recreation fund is projected to end the year with a reserve level of 28.9%, which is within
<br />the reserve levels for this fund. Final projections will go to the City Council in March 2025
<br />.
<br />The Communications fund is projected to end the year with a reserve level of 4.98%, which is below the
<br />minimum threshold of 10%. This fund will likely need a transfer from the excess cash reserve fund to
<br />maintain minimum reserves. Future discussion should address whether this should remain a separate
<br />fund or become a department within the General Fund.
<br />
<br />In 2019 the council approved the establishment of a Cash Reserve (cash carryforward) Fund using
<br />reserves that exceed the HIGH target level as measured at the end of the fiscal year. The following
<br />chart shows the activity within the Cash Reserve Fund since it was created.
<br />
<br />Funding Sources ( Uses)
<br />InformationParks & LicenseCommuni-Use of Excess Cash
<br />YearGeneralTechnologyRecreationCentercationsFundsReserve Fund
<br />Cash Balance: January 12018$ -$ - $ - $ --$ $ - $ -
<br />Contributions2018 - 170,000 635,000 81,000 - - 886,000
<br /> Cash Balance December 312018 - 170,000 635,000 81,000 - - 886,000
<br />Contributions2019 - 234,924 169,985 249,140 124,947 - 778,996
<br />Interest Revenue201910,084 - - - - - 10,084
<br />Tranfer to Gen Fd-min. balance2019 - - - - - (918,583) (918,583)
<br /> Cash Balance December 31201910,084 404,924 804,985 330,140 124,947 (918,583) 756,497
<br />Contributions2020 - 193,990 - - - - 193,990
<br />Interest Revenue20206,323 - - - - - 6,323
<br />Equity Consultant2020 - - - - - (100,000) (100,000)
<br />Trf to Parks & Recreation2020 - - - - - (235,798) (235,798)
<br />Trf to License Center2020 - - - - - (354,958) (354,958)
<br /> Cash Balance December 31202016,407 598,914 804,985 330,140 124,947 (1,609,339) 266,054
<br />Contributions2021 - 360,160 79,662 - - - 439,822
<br />Interest Revenue20211,070 - - - - - 1,070
<br /> Cash Balance December 31202117,477 959,074 884,647 330,140 124,947 (1,609,339) 706,946
<br />Contributions2022 20,317 20,317
<br />Trf to Communications2022 (31,436) (31,436)
<br />Interest Revenue2022(66,079) (66,079)
<br /> Cash Balance December 312022(48,602) 959,074 904,964330,140
<br /> 124,947 (1,640,775) 629,748
<br />Trf to Parks & Rec Vehicle & Equip Fu2023(200,000)(200,000)
<br />Contributions2023162,207327,318 489,525
<br />Interest Revenue202353,076 53,076
<br /> Cash Balance December 3120234,474959,0741,067,171657,458124,947(1,840,775)972,349
<br />Interest Revenue2024(20,351) (20,351)
<br />Trf to Communications2024(10,308)(10,308)
<br />Contributions2024424,236 424,236
<br /> Cash Balance December 312024(15,877)959,0741,491,407657,458124,947(1,851,083)1,365,926
<br />Interest Revenue202521,704 21,704
<br />Transfer to CIP funds2025(525,000)(525,000)
<br />5,827959,0741,491,407657,458124,947(2,376,083)862,630
<br />
<br />
<br />The City is committed to maintaining a strong financial condition which has allowed the City to retain its
<br />AAA Bond rating.
<br />
<br />As noted above, the amounts shown in the tables represent an estimate of what may be available for
<br />future use. It’s recommended that the Council wait until the final year-end figures are available before
<br />rendering any decision on whether to repurpose funds.
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