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CC Regular Session <br />Meeting Date: 03/ 14/2023 <br />By: Diana Lund, Finance <br />Information <br />5.12. <br />Title <br />Adopt Resolution #23-055 Approving the Transfer of Excess General Fund Revenues to the Equipment <br />Revolving Fund, Facilities Construction Fund, Capital Maintenance Fund and Public Improvement <br />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 />The Excess Revenue Policy states that the fund balance will be at 50% of the next year's operating expenditures, <br />plus any encumbrances and compensated absences. After meeting these fund balance requirements at year -ending <br />December 31, 2022, $272,687.96 remained as excess revenues to be transferred from the General Fund. (Full <br />budget detail with calculation of excess is attached). <br />The excess revenue was attributed to building permit revenue exceeding budget for 2022, the return of Tax <br />Increment Funds from decertified Tax Increment District #8 and the administrative fee from a conduit debt <br />issuance.. <br />As stated in the policy, transfers from the General Fund would be as such: <br />Facilities Construction Fund (10%) $ 27,268.29 <br />Equipment Revolving Fund (30%) $ 81,806.39 <br />Capital Maintenance Fund (30%) $ 8106.39 <br />Public Improvement Revolving (PIR) Fund (30%) $ 81, 806.3 9 <br />Recommendation: <br />Staff recommends that $272,687.96 be transferred from the General Fund to the Equipment Revolving Fund in the <br />amount of $81,806.39, the Capital Maintenance Fund in the amount of $81,806.39, the Public Improvement <br />Revolving Fund in the amount of $81,806.39 and the Facilities Construction Fund in the amount of $27,268.79 <br />per the Allocation of the Excess Revenue/Deficient policy <br />Action: <br />Motion to adopt Resolution #23-055 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/Deficit Revenue Policy <br />2022 Final Budget compared to adopted <br />Res #23-055 Transfer of 2022 Excess Revenue <br />