Agenda - Council - 02/08/2011 - Laserfiche WebLink

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CC Regular Session Date: 02/08/2011 By: Diana Lund Finance Information Title: Adopt Resolution #11 -02 -XXX Amending the 2010 General Fund Budget Background: Attached for your review and consideration is the 2010 Amended General Fund Budget. The City is required to amend their adopted budgets annually to reflect more accurately the actual expenditures and revenues of the City for that proposed year. Please note that these are not final numbers. Numbers will not be finalized until after the city's annual audit in April. Based on year -end estimates, the city will meet its fund balance requirements for 2011 which is to have a fund balance of an amount equal to 50% of the 2011 budget. When looking at the 2010 amended budget numbers you will note that amended expenditures greatly exceeded the 2010 adopted budget amount. This is due to the $1,000,000 internal loan for the debt on the municipal center and $603,000 that was transferred to the Public Improvement Revolving Fund (PIR) when council amended the fund balance policy in April 2010, from 60% to 50%. Both the internal loan and excess 10% fund balance had been encumbered in the 2009 General Fund Balance for 2010. Recommendation: Aprprove attached Resolution #11 -02 -XXX Amending the 2010 General Fund Budget. Item #: 5. 8. Council Action: Motion to recommend Council adopt Resolution #11 -02 -XXX Amending the 2010 General Fund Budget. 2010 Budget Amendments Resolution Amend 2010 General Fund Budget Attachments Form Review Inbox Reviewed By Date Diana Lund Diana Lund 02/01/2011 08:35 AM Kurt Ulrich Kurt Ulrich 02/03/2011 12:36 PM Form Started By: Diana Lund Started On: 01/31/2011 07:42 AM Final Approval Date: 02/03/2011