Adopt Resolution #19-074 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.

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. After meeting the fund balance requirements at year ending December 31, 2018, $643,831.79 ($497,587 excess in 2017) remained as excess revenues to be transferred from the General Fund.  The majority of the excess was attributed to building permit revenue exceeding budget.  As stated in the policy, transfers from the General Fund would be as such:                                                     Facilities Construction Fund (10%)                                 $  64,383.17                                         Equipment Revolving Fund (30%)                                  $193,149.54                                         Capital Maintenance Fund (30%)                                    $193,149.54                                         Public Improvement Revolving (PIR) Fund (30%)         $193,149.54

Staff recommends that $643,831.79 be transferred from the General Fund to the Equipment Revolving Fund in the amount of $193,149.54, the Capital Maintenance Fund in the amount of $193,149.54, the Public Improvement Revolving Fund in the amount of $193,149.54 and the Facilities Construction Fund in the amount of $64,383.17 per the Allocation of the Excess Revenue/Deficient policy

Motion to adopt Resolution #19-074 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 at the stated rates.