File #: 21-0946    Version: 1 Name:
Type: Report Action Item Status: Passed
File created: 7/2/2021 In control: Finance Committee
On agenda: 7/26/2021 Final action: 8/4/2021
Title: Request to approve the allocation of excess General Fund balance at December 31, 2020 and the following related 2021 Budget amendments: General Fund Transfer Out - Debt Service/Capital Projects Fund +$3,840,000 Transfer Out - Industrial Park Land Fund +$ 250,000 Transfer Out - Facilities Capital Projects Fund +$ 185,000 Transfer Out - IT Capital Projects Fund +$ 65,000 Mayor's Office +$ 75,000 Public Works Department +$ 200,000 Finance Department +$ 50,000 General Fund Balance - Reserve for Brand Study +$ 450,000 General Fund Balance - $5,115,000 Debt Service/Capital Projects Fund Transfer In - General Fund +$3,840,000 Debt Service Reduction +$3,840,000 Industrial Park Land Fund Transfer In - General Fund +$ 250,000 Industrial Park Land +$ 250,000 Facilities Management Capital Projects Fund Transfer In - General Fund +$ 185,000 Parks Improvements ...
Attachments: 1. Finance Committee - Fund Balance Policy 2021.pdf, 2. Mayor Memo.pdf

Title

Request to approve the allocation of excess General Fund balance at December 31, 2020 and the following related 2021 Budget amendments:

 

General Fund

Transfer Out - Debt Service/Capital Projects Fund                                                               +$3,840,000

Transfer Out - Industrial Park Land Fund                                                                                                                              +$   250,000

Transfer Out - Facilities Capital Projects Fund                                                                                    +$   185,000

Transfer Out - IT Capital Projects Fund                                                                                                                              +$     65,000

Mayor's Office                                                                                                                                                                                                                                                                                 +$     75,000

Public Works Department                                                                                                                                                                                                                  +$   200,000

Finance Department                                                                                                                                                                                                                                                            +$     50,000

General Fund Balance - Reserve for Brand Study                                                               +$   450,000

General Fund Balance                                                                                                                                                                                                                                       - $5,115,000

 

Debt Service/Capital Projects Fund

Transfer In - General Fund                                                                                                                                                                                                                  +$3,840,000

Debt Service Reduction                                                                                                                                                                                                                                       +$3,840,000

 

Industrial Park Land Fund

Transfer In - General Fund                                                                                                                                                                                                                  +$   250,000

Industrial Park Land                                                                                                                                                                                                                                                            +$   250,000

 

Facilities Management Capital Projects Fund

Transfer In - General Fund                                                                                                                                                                                                                  +$   185,000

Parks Improvements                                                                                                                                                                                                                                                            +$   175,000

City Hall Improvements                                                                                                                                                                                                                                       +$     10,000

 

Information Technology Capital Projects Fund

Transfer In - General Fund                                                                                                                                                                                                                  +$     65,000

Council Chamber AV Project                                                                                                                                                                                             +$     65,000

 

to allocate excess general fund balance at 12/31/20 per City Fund Balance Policy (2/3 vote of Council required)