5.12.
| CC Regular Session |
| Meeting Date: | 03/12/2024 |
| Primary Strategic Plan Initiative: | {ud_pd7} |
Information
Title
Adopt Resolution #24-072 Approving the Transfer of Excess General Fund Revenues to the Equipment Revolving Fund, Facilities Construction Fund, Capital Maintenance Fund and Public Improvement Revolving (PIR) Fund.
Purpose/Background:
The City Council originally adopted a policy on February 22, 1994, known as the Excess Revenue Policy (Resolution #94-02-045-Resolution Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficient General Fund Revenues) with the last amendment of this policy occurring on May 10, 2016 (Resolution #16-05-089) a copy of which is attached.
The Excess Revenue Policy states that the fund balance will be at 50% of the next year's operating expenditures, plus any encumbrances and compensated absences. After meeting these fund balance requirements at year-ending December 31, 2023, $92,755.84 ($272,687.96-2022) remained as excess revenues to be transferred from the General Fund. (Full budget detail with calculation of excess is attached).
As stated in the policy, transfers from the General Fund would be as such:
Facilities Construction Fund (10%) $ 9,275.59
Equipment Revolving Fund (30%) $ 27,826.75
Capital Maintenance Fund (30%) $ 27,826.75
Public Improvement Revolving (PIR) Fund (30%) $ 27,826.75
The Excess Revenue Policy states that the fund balance will be at 50% of the next year's operating expenditures, plus any encumbrances and compensated absences. After meeting these fund balance requirements at year-ending December 31, 2023, $92,755.84 ($272,687.96-2022) remained as excess revenues to be transferred from the General Fund. (Full budget detail with calculation of excess is attached).
As stated in the policy, transfers from the General Fund would be as such:
Facilities Construction Fund (10%) $ 9,275.59
Equipment Revolving Fund (30%) $ 27,826.75
Capital Maintenance Fund (30%) $ 27,826.75
Public Improvement Revolving (PIR) Fund (30%) $ 27,826.75
Recommendation:
Staff recommends that $92,755.84 be transferred from the General Fund to the Equipment Revolving Fund in the amount of $27,826.75, the Capital Maintenance Fund in the amount of $27,826.75, the Public Improvement Revolving Fund in the amount of $27,826.75 and the Facilities Construction Fund in the amount of $9,275.59 per the Allocation of the Excess Revenue/Deficient policy
Action:
Motion to adopt Resolution #24-072 Approving the Transfer of Excess General Fund Revenues to the Equipment Revolving Fund, Facilities Construction Fund, Capital Maintenance Fund and Public Improvement Revolving (PIR) at the stated rates.
Attachments
- Res 16-05-089 Excess/Deficit Revenue Policy
- 2023 Final Budget Compared to Adopted
- Res #24-072 Transfer of 2023 Excess Revenue
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Brian Hagen | 03/05/2024 09:02 AM |
- Form Started By:
- Diana Lund
- Started On:
- 03/04/2024 12:49 PM
- Final Approval Date:
- 03/05/2024