Laserfiche WebLink
General Fund. As stated in the policy, transfers from the General Fund would be made as <br />follows: <br /> <br />Equipment Revolving Fund (10%) $ 65,096.59 <br />Facilities Construction Fund (40%) 260,386.38 <br />Public Improvement Revolving Fund (50%) 325,482.97 <br /> <br />Finance Officer Lund indicated of this excess, approximately $528,000 was attributed to building <br />permits, planning check fees, and billable time exceeding revenue. <br /> <br />Finance Officer Lurid advised due to the excess, it will be questioned whether franchise fees were <br />needed. It should be noted that year 2002 had excess revenues of approximately $500,000 that <br />were retained in the General Fund to offset state cuts and reduction in property tax collections <br />and not transferred to the three respective funds. Thus, a large portion of 2003 excess revenue is <br />readily attributable to 2002. She advised a more appropriate transfer of excess revenue funds <br />may be as follows: <br /> <br />Facility Construction Fund <br />PIR Fund <br />Equipn]ent Revolving <br /> <br />$485,869.35 - City Hall <br /> 100,000.00 - Park and Ride <br /> 65,096.59 - Transfer to future park fund <br /> <br />Chairperson Elvig commented although he would like to see funds stay in the General Fund, this <br />is an opportunity to put dollars away for future needs. <br /> <br />Councilmember Strommen indicated this transfer of funds makes a lot of sense. <br /> <br />Councihnember Zimmerman questioned if the funds would later be required to be transfexTed in <br />the 10% / 40% / 50% manner. <br /> <br />Finance Officer Lund replied that is the way the policy is stated. The action being suggested <br />deviates fi'om the policy. <br /> <br />Councilmember Strommen questioned if action must be taken on the policy to complete the <br />suggested transfers. <br /> <br />City Administrator Norman explained from time to time, as is being proposed now, the policy is <br />deviated fi'om. <br /> <br />Chairperson Elvig inquired how it can be certain that a Park Maintenance Fund will receive the <br />ftmds fi'om the Equipment Revolving Fund in the future. <br /> <br />Finance Officer Lund replied there will be a case brought back to amend the ordinance to include <br />the Park Maintenance Fund. <br /> <br />Councihnember Zimmerman inquired about the equipment that was purchased for Town Center. <br /> <br />Finance Committee/April 27, 2004 <br /> Page 7 of 9 <br /> <br /> <br />