HomeMy WebLinkAbout7.F.6. Reservation of Fund Balance-Building Permit Activities
~ F.b.
CITY OF SHAKO PEE COliSEr~T
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Reservation of Fund Balance - Building Permit Activities
DATE: September 5, 2006
Introduction
Council is requested to authorize the reservation of General Fund -
Fund Balance in the amount of $1,479,874.90.
Background
The cost of service study authorized by Council and performed by
Springsted showed revenues for building permit related fees were
$1,479,874.90 more than the related costs for 2005.
This action reduces the size of General Fund Fund Balance available for
spending. The 1/1/06 fund balance was $9,679,142, less $1,479,874
equals $8,199,267 which is 51% of 2006 budget expenditures and
transfers. Council's target range is 40 to 45%.
Action
Move to reserve General Fund - Fund Balance in the amount of
$1,479,874.90 for building permit related activities.
Gr~OXland
Finance Director