HomeMy WebLinkAbout5.F.4. Reservation of Fund Balance-Building Permit Activities
CITY OF SHAKO PEE 5: P. y.
Memorandum
TO: Mayor and Council CONSE'~T
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Reservation of Fund Balance - Building Permit Activities
DATE: July 30, 2007
Introduction
Council is requested to authorize the reservation of General Fund -
Fund Balance in the amount of $484,110.
Background
The cost of service study authorized by Council and performed by
Springsted showed revenues for building permit related fees were
$484,110 more than the related costs for 2006.
This action reduces the size of General Fund - Fund Balance available
for spending. The 1/1/07 unreserved fund balance was $8,354,477, less
$484,110 equals $7,870,367 which is 44% of 2007 budget expenditures and
transfers. Council's target range is 40 to 45%.
The reserved amount for building permit activities would then equal
$1,963,985.
Action
Move to reserve the amount of $484,110 in General Fund - Fund Balance
for building permit related activities.
Gregg voxland
Finance Director