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5. 12. <br /> CC Regular Session <br /> Meeting Date: 03/12/2024 <br /> Primary Strategic Plan Initiative: Not Applicable <br /> Information <br /> Title <br /> Adopt Resolution#24-072 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 /> 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, 2023, $92,755.84 ($272,687.96-2022)remained as excess revenues to be transferred from the <br /> General Fund. (Full budget detail with calculation of excess is attached). <br /> As stated in the policy,transfers from the General Fund would be as such: <br /> Facilities Construction Fund(10%) $ 9,275.59 <br /> Equipment Revolving Fund(30%) $ 27,826.75 <br /> Capital Maintenance Fund(30%) $ 27,826.75 <br /> Public Improvement Revolving (PIR)Fund(30%) $ 27,826.75 <br /> Recommendation: <br /> Staff recommends that$92,755.84 be transferred from the General Fund to the Equipment Revolving Fund in the <br /> amount of$27,826.75,the Capital Maintenance Fund in the amount of$27,826.75,the Public Improvement <br /> Revolving Fund in the amount of$27,826.75 and the Facilities Construction Fund in the amount of$9,275.59 per <br /> the Allocation of the Excess Revenue/Deficient policy <br /> Action: <br /> Motion to adopt Resolution#24-072 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 /> 2023 Final Budget Compared to Adopted <br /> Res#24-072 Transfer of 2023 Excess Revenue <br /> Form Review <br /> Inbox Reviewed By Date <br /> Brian Hagen Brian Hagen 03/05/2024 09:02 AM <br />