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FC CASE # AUTHORIZE TRANSFER OF GENERAL FUND REVENUES By: Diana Lund, Finance Officer Background: The City Council adopted a policy on February 22, 1994, known as the Excess Revenue Policy (Resolution 94-02-045 - Resolution Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficient General Fund Reserves and amended this policy on October 26, 2004-Resolution #04-10-320) a copy of which is attached. After meeting the fund balance requirements at year end, $210,937.71 remained as excess revenues to be transferred from the General Fund. As stated in the policy, transfers from the General Fund would be made as such: Equipment Revolving Fund (10%) Facilities Construction Fund (40%) Public Improvement Revolving Fund (40%) Park Trust Fund (10%) $ 21,093.77 $ 84,375.08 $ 84,375.08 $ 21,093.78 During 2005 two street assessment projects were brought forward to City Council, St. Francis Boulevard and Welcome's Road, with a portion of their costs to be funded from the General Fund. The amounts needed are $22,088 and $70,500, respectively. As these projects were not part of the 2005 street maintenance projects, there was not funding included in the adopted 2005 General Fund Budget. It is being requested that the necessary funding be obtained from the 2005 excess revenue balance. In addition to the above, City Council had authorized the services of Jim Lasher to provide project management services in the Town Center area in the amount of approximately $100,000. This amount is to be paid back as projects come on board, but in the mean time the City would need to front the cost. It is being requested that the necessary funding be obtained from the 2005 excess revenue balance. After the two scenarios listed above are deducted from the 2005 excess revenue balance of $210,937.71, it leaves a balance of $18,349.71. Per policy, transfers would be as such: Equipment Revolving Fund (10%) Facilities Constmction Fund (40%) Public Improvement Revolving Fund (40%) Park Trust Fund (I 0%) $ 1,834.97 $ 7,339.88 $ 7,339.89 $ 1,834.97 In conclusion, the overall excess of $210,937.71 would require the following transfers: Equipment Revolving Fund (I 0%) Facilities Construction Fund (40%) Public Improvement Revolving Fund (40%) Park Trust Fund (10%) St. Francis Blvd Assessment Fund Welcome's Road Assessment Fund PIR Fund Total $ 1,834.97 $ 7,339.88 $ 7,339.89 $ 1,834.97 $22,088.00 $70,500.00 $I00,000.00 $210,937.71