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CC Regular Session <br />Meeting Date: 03/26/2019 <br />By: Diana Lund, Finance <br />4. 7. <br />Information <br />Title <br />Adopt Resolution # 19-074 Approving the Transfer of Excess General Fund Revenues to the Equipment Revolving <br />Fund, Facilities Construction Fund, Capital Maintenance Fund and Public Improvement Revolving (PIR) Fund. <br />Purpose/Background: <br />The City Council originally adopted a policy on February 22, 1994, known as the Excess <br />Revenue Policy (Resolution #94-02-045-Resolution Establishing a Financial Policy for the <br />Purpose of Allocation of Excess/Deficient General Fund Revenues) with the last amendment of <br />this policy occurring on May 10, 2016 (Resolution #16-05-089) a copy of which is attached. <br />After meeting the fund balance requirements at year ending December 31, 2018, $643,831.79 <br />($497,587 excess in 2017) remained as excess revenues to be transferred from the General Fund. <br />The majority of the excess was attributed to building permit revenue exceeding budget. As stated <br />in the policy, transfers from the General Fund would be as such: <br />Facilities Construction Fund (10%) $ 64,383.17 <br />Equipment Revolving Fund (30%) $193,149.54 <br />Capital Maintenance Fund (30%) $193,149.54 <br />Public Improvement Revolving (PIR) Fund (30%) $193,149.54 <br />Recommendation: <br />Staff recommends that $643,831.79 be transferred from the General Fund to the Equipment Revolving Fund in the <br />amount of $193,149.54, the Capital Maintenance Fund in the amount of $193,149.54, the Public Improvement <br />Revolving Fund in the amount of $193,149.54 and the Facilities Construction Fund in the amount of $64,383.17 per <br />the Allocation of the Excess Revenue/Deficient policy <br />Action: <br />Motion to adopt Resolution # 19-074 Approving the Transfer of Excess General Fund Revenues to the Equipment <br />Revolving Fund, Facilities Construction Fund, Capital Maintenance Fund and Public Improvement Revolving <br />(PIR) Fund at the stated rates. <br />Res #16-05-089 Excess Revenue Policy <br />Res #19-074 Transer 2018 Excess Revenue <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 03/21/2019 03:59 PM <br />Form Started By: Diana Lund Started On: 03/15/2019 10:28 AM <br />