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Consent: 3 <br /> <br />AUTHORIZE TRANSFER OF 2003 EXCESS REVENUES TO PARK TRUST <br />FUND <br /> By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />The transfer of 2003 excess General Fund Revenues was brought forward to City Council <br />on April 27, 2004, (copy of the case is attached). Part of the motion was that 10% or <br />$65,098.59 would be transferred to a Park Trust Fund once it was established. <br /> <br />The new Park Fund was authorized by Ordinance on September 13, 2004, with an <br />effective date of October 17, 2004. <br /> <br />The Excess Revenue Policy will be amended at tonight's meeting to reflect the allocation <br />of 10% of excess revenue to be transferred to the Park Trust Fund at year end. <br /> <br />Recommendation: <br /> <br />Staff recolnmends that $65,098.59 be transferred to the newly created Park Trust Fund <br />froln the Equipment Replacement Fund where it is currently being held. <br /> <br />Committee: <br /> <br />Motion to recommend City Council adopt Resolution #04-10-XXX authorizing the <br />transfer of $65,098.59 to the Park Trust Fund from the Equipment Replacement Fund. <br /> <br />Consent: 10-26-04 <br /> <br /> <br />