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FC CASE 4 I <br />AUTHORIZE TRANSFER OF GENERAL FUND REVENUES <br />By: Diana Lund, Finance Officer <br />Background: <br />The City Council adopted a policy on February 22, 1994, 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 />After meeting the fund balance requirements at year end, $30,823 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 />Equipment Revolving Fund (10 %) $ 3,082.30 <br />Facilities Construction Fund (40 %) $ 12,329.20 <br />Public Improvement Revolving Fund (50 %) $ 15,411.50 <br />Recommendation: <br />Staff recommends that $30,823 be transferred from the General Fund to the Equipment <br />Revolving Fund in the amount of $3,082.30, the Facilities Construction Fund in the <br />amount of $12,329.20, and the Public Improvement Revolving Fund in the amount of <br />$15,411.50. <br />Committee: <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. <br />Reviewed By: <br />City Administrator <br />Finance Officer <br />FC: 05/10/01 <br />-139- <br />