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CC Regular Session <br />Meeting Date: 03/24/2020 <br />By: Diana Lund, Finance <br />5. 5. <br />Information <br />Title <br />Adopt Resolution #20-054 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 Revenue Policy <br />(Resolution #94-02-045-Resolution Establishing a Financial Policy for the Purpose of Allocation of <br />Excess/Deficient General Fund Revenues) with the last amendment of this policy occurring on May 10, 2016 <br />(Resolution #16-05-089) a copy of which is attached. <br />After meeting the fund balance requirements at year ending December 31, 2019, $575,816,94 ($643,832 excess in <br />2018) remained as excess revenues to be transferred from the General Fund. The majority of the excess was <br />attributed to building permit revenue exceeding budget. As stated in the policy, transfers from the General Fund <br />would be as such: <br />Facilities Construction Fund (10%) $ 57,581.70 <br />Equipment Revolving Fund (30%) $172,745.08 <br />Capital Maintenance Fund (30%) $172,745.08 <br />Public Improvement Revolving (PIR) Fund (30%) $172,745.08 <br />Notification: <br />A line item detail of the 2019 General Fund Budget is attached. The report shows a comparison of budget -to -actual <br />and an overall summary of all departments. A chart of accounts is also attached to give a description of a respective <br />line item (object #). <br />Recommendation: <br />Staff recommends that $575,816.94 be transferred from the General Fund to the Equipment Revolving Fund in the <br />amount of $172,745.08, the Capital Maintenance Fund in the amount of $172,745.08, the Public Improvement <br />Revolving Fund in the amount of $172,745.08 and the Facilities Construction Fund in the amount of $57,581.70 per <br />the Allocation of the Excess Revenue/Deficient policy <br />Action: <br />Motion to adopt Resolution #20-054 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) at the stated rates. <br />Attachments <br />Res#16-05-089 Excess Revenue Policy <br />Res #20-054 Transfer 2019 Excess Revenue <br />2019 General Fund Budget: Buget to Actual <br />Chart of Accounts <br />