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FC CASE <br /> <br />AUTHORIZE TRANSFER OF GENERAL FUND REVENUES <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />The City Council adopted a policy on February 24, 1992, known as the Excess Revenue <br />Policy (Resolution 94-02-045 - Resolution Establishing a Financial Policy for the <br />Purpose of Allocation of Excess/Deficient General Fund Reserves) a copy of which is <br />attached. <br /> <br />After meeting the fund balance requirements at year end, $477,259.09 remained as excess <br />revenues to be transferred from the General Fund. As stated in the policy, transfers from <br />the General Fund would be made as such: <br /> <br />Equipment Revolving Fund (10%) <br />Facilities Construction Fund (40%) <br />Public Improvement Revolving Fund (50%) <br /> <br />$ 47,725.91 <br />$190,903.64 <br />$238,629.55 <br /> <br />The City is currently facing the financial question of how to fund the remodeling of Old <br />Town Hall. The costs pertaining to this project could be offset by the revenue from the <br />year-end General Fund Revenue transfer. The cost to complete the remodeling of Old <br />Town Hall has been estimated at $100,000. <br /> <br />If Old Town Hall were to be funded from the excess General Fund Reserves, <br />$377,259.09 would be transferred to the three funds, with stated percentages as listed <br />above. The revised amounts to be transferred would be as follows: <br /> <br />Equipment Revolving Fund (10%) <br />Facilities Construction Fund (40%) <br />Public Improvement Revolving Fund (50%) <br /> <br />$ 37,725.91 <br />$150,903.64 <br />$188,629.54 <br /> <br />Recommendation: <br /> <br />Staff recommends that $477,259.09 be transferred from the General Fund to the <br />Equipment Revolving Fund in the amount of $37,725.91, the Facilities Construction <br />Fund in the amount of $150,903.64, the Public Improvement Revolving Fund in the <br />amount of $188,629.54 and the remaining $100,000 to be used to fund the remaining <br />costs of remodeling the Old Town Hall. <br /> <br />Committee: <br /> <br />Motion to recommend City Council to authorize the transfer of the General Fund Excess <br />Revenues to the Equipment Revolving Fund, the Facilities Construction Fund and the <br />Public Improvement Revolving Fund at the stated percentages, and the remainder of <br />$100,000 to offset the costs of refurbishing Old Town Hall. <br /> <br />Reviewed By: <br /> <br />City Administrator <br />Finance Officer <br /> <br /> <br />