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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> :CeCASE # <br /> <br />AUTHORIZE TRANSFER OF GENERAL FUND REVENUES <br /> By: Diana Lund, FinanCe Officer <br /> <br />Background: <br /> <br />The City Council adopted a policy on February 22, 1994, lcnown as the Excess Revenue <br />Policy (Resolution 94-02-045 - Resolution Establishing a Financial Policy for the <br />Purpose of Allocation of Excess/Deficient General Fund Reserves) a copy of which is <br />attached. <br /> <br />After meeting the fund balance requirements at year end, $70,661 remained as excess <br />revenues to be transferred from the General Fund. As stated in the policy, transfers from <br />the General Fund would be made as such: <br /> <br />Equipment Revolving Fund (10%) <br />Facilities Construction Fund (40%) <br />Public Improvement Revolving Fund (50%) <br /> <br />$ 7,066.10 <br />$ 28,264.40 <br />$ 35,330.50 <br /> <br />Recommendation: <br /> <br />Staff recommends that $70,661 be transferred from the General Fund to the Equipment <br />Revolving Fund in the amount of $7,066.10, the Facilities Construction Fund in the <br />amount of $28,264.40, and the Public Improvement Revolving Fund in the amount of <br />$35,330.50. <br /> <br />Committee: <br /> <br />Motion to recommend City Council to authorize the transfer of the General Fund Excess <br />Revenues to the Equipment Revolving Fund, the FaCilities Construction Fund and the <br />Public Improvement Revolving Fund at the stated percentages. <br /> <br />Reviewed By: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 04/23/02 <br /> <br />-75- <br /> <br /> <br />