Laserfiche WebLink
FC CASE # <br /> <br />AUTHORIZE TRANSFER OF GENERAL FUND REVENUES <br /> By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />Thc City Council adopted a policy on February 22, 1994, known as the Excess Revenue <br />l'olicy (Resolution 94-02-045 -Resolution Establishing a Financial Policy for the <br />Purpose of Allocation of Excess/Deficient General Fund Reserves and amended this <br />policy on October 26, 2004-Resolution #04-10-320) a copy of which is attached. <br /> <br />Alier meeting the fund balance requirements at year end, $492,821.61 remained as excess <br />revenues to be transferred from the General Fund. As stated in the policy, transfers from <br />thc General Fund would be made as such: <br /> <br />Equipment Revolving Fund (10%) <br />Facilities Construction Fund (40%) <br />Public Improvement Revolving Fund (40%) <br />Park Trust Fund (10%) <br /> <br />$ 49,282.16 <br />$197,128.65 <br />$197,128.64 <br />$ 49,282.16 <br /> <br />In 2004, a $1,000,000 transfer was needed to help finance the Municipal Center project <br />bcfi~r¢ bond issuance. Of this amount, $400,000 is still required to be transferred which <br />is basically the amount attributed to the public works campus improvements. After the <br />$400,000 is deducted, a net amount of $92,821.61 needs to transferred per policy as such: <br /> <br />Equipment Revolving Fund (10%) <br />Facilities Construction Fund (40%) <br />Public Improvement Revolving Fund (40%) <br />Park Trust Fund (10%) <br /> <br />$ 9,282.16 <br />$37,128.65 <br />$37,128.64 <br />$ 9,282.16 <br /> <br />l~ecommendation: <br /> <br />Stat'l' recommends that $92,821.61 be transferred from the General Fund to the <br />l Cq uipment Revolving Fund in the amount of $9,282.16, the Facilities Construction Fund <br />in the amount of $37,128.65 (plus the $400,000 for Municipal Center Project), the Public <br />lm provement Revolving Fund in the amount of $37,128.64, and the Park Trust Fund in <br />thc a~nount of $9,282.16. <br /> <br />(;ommittcc: <br /> <br />Motion to recommend City Council to adopt Resolution #05-05-XXX authorizing the <br />transfer of the General Fund Excess Revenues to the Equipment Revolving Fund, the <br />l:acilitics Construction Fund, the Public Improvement Revolving Fund and the Park Trust <br />l:nnd at the stated rates. <br /> <br />Reviewed By: <br /> <br /> <br />