2.1.
| CC Work Session |
| Meeting Date: | 11/12/2024 |
| Primary Strategic Plan Initiative: | {ud_pd2} |
Information
Title:
Review Fund Balance Policy
Purpose/Background:
Continued discussion of the Fund Balance Policy.
The current policy, amended with the elimination of the compensated absence liability (see attached), fulfills what council members were recommending at the October 22, 2024 City Council worksession.
The policy will retain the allocation of excess/deficient General Fund Revenues to be allocated in the following manner:
Thirty Percent (30%) to Fund #234 - Equipment Replacement Fund
Thirty percent 30% to Fund #400 - Public Improvement Revolving Fund
Thirty Percent 30%) to Fund #810 – Capital Maintenance Fund
Ten percent 10% to Fund #412 – Public Facilities Construction Fund
The current policy, amended with the elimination of the compensated absence liability (see attached), fulfills what council members were recommending at the October 22, 2024 City Council worksession.
The policy will retain the allocation of excess/deficient General Fund Revenues to be allocated in the following manner:
Thirty Percent (30%) to Fund #234 - Equipment Replacement Fund
Thirty percent 30% to Fund #400 - Public Improvement Revolving Fund
Thirty Percent 30%) to Fund #810 – Capital Maintenance Fund
Ten percent 10% to Fund #412 – Public Facilities Construction Fund
Time Frame/Observations/Alternatives:
15 minutes
Recommendation:
Staff recommends amending the current policy with the elimination of the Compensated Absences Liability.
Outcome/Action:
Review of policy for future adoption.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Brian Hagen | 11/07/2024 01:59 PM |
- Form Started By:
- Diana Lund
- Started On:
- 10/25/2024 07:21 AM
- Final Approval Date:
- 11/07/2024