Agenda - Council - 03/10/2015 - Laserfiche WebLink

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CC Regular Session Meeting Date: 03/10/2015 By: Diana Lund, Finance 4. 7. Information Title Adopt Resolution #15-03-055 Amending 2014 General Fund Budget Purpose/Background: Purpose: Annually the city adopts a General Fund Budget. The city is required to amend the budget to reflect actual revenues/expenditures for the year. The amended budget is included in the city's annual Comprehensive Annual Financial Report (CAFR). Background: Attached to this case is Resolution #15-03-055 amending 2014 activity of the General Fund. This is primarily a 'housekeeping' item and is done on an annual basis. The amended budget also allows the determination of whether there is excess revenue for the budget year and the respective transfer (per policy) is performed. For year ending 2014, it is estimated that the city will exceed its fund balance requirements for 2015 by approximately $686,900. This transfer has been completed and is noted in the final General Fund Budget numbers. A summary of the excess revenue determination is included on the last page (page #15) under the General Fund Budget document that is attached. Notification: As noted, all line items and departments of the General Fund Budget is attached. Those items shown in blue are those line items that went over -budget. An overall summary of the 2014 revenue and expenditures is included on pages 14 and 15 of the document. Recommendation: As the activity has already occurred for year 2014, the only recommendation is to approve Resolution #15-03-055 amending the 2014 General Fund Budget Action: Motion for Council to adopt Resolution #15-03-055 amending the 2014 General Fund Budget. Attachments 2014 Amended General Fund Budget Detail Res 15-03-055 Amending 2014 General Fund Budget Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 03/04/2015 09:22 AM Form Started By: Diana Lund Started On: 02/23/2015 10:11 AM Final Approval Date: 03/04/2015