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HomeMy WebLinkAbout5.F.4. Restricted Fund Balance-Building Permit ActivitiesTO: Mayor and Council Mark McNeill, City Administrator FROM: Gregg Voxland, Finance Director SUBJ: Restricted Fund Balance - Building Permit Activities DATE: February 23, 2011 Introduction Council is requested to adjust the restricted amount of General Fund - Fund Balance for building permit activities for 2010. Background The cost of service study authorized by Council and performed by Springsted showed expenditures for building permit related fees were $459,261 more than the related revenues for 2010. The action below increases the size of General Fund - Fund Balance available for spending. The designated amount for building permit activities would decrease. Action Move to adjust the restricted amount of General Fund - Fund Balance for 2010 building permit related activities by $459,261, from $677,293 to $218,032 as per the Springsted model and the agreement with the Builders Association of the Twin Cities. Grigg Voxland Finance Director H :overhead /mode12010.doc CITY OF SHAKOPEE Memorandum 5, F Y,