HomeMy WebLinkAbout4.F.8. Inter-Fund Transfers Consent Business 4. F. 8.
IAKOI'I E
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Julie Linnihan, Finance Director /City Clerk
DATE: 04/02/2013
SUBJECT: Inter -Fund Transfers (C)
Action Sought
If Council concurs, it should approve the fund transfers as outlined in the memo.
Background
The City has historically approved transfers from the General fund to provide funding for specific projects, and
reimbursements to appropriate funds, dependent upon the project cycles and funding status. These fund transfers
have recently served as a funding source for projects such as the city's portion of the planned street projects,
Internal Service IT coverage and Park projects.
The Fund Balance policy of the City follows a General Fund Balance policy that recommends the fund balance
level to be targeted at 40 to 45 % of budgeted expenditures. The fund balance position at year end 2012 reflects the
transfer of funds from the General fund to the defined funds, per the attached listing.
Recommendation
Staff recommends the approval of the attached inter -fund transfers, as detailed in the listing provided. These
transactions will impact the 2012 fund balances of the funds listed, and will be included in the 2012 audited
financial statements.
Budget Impact
Relationship to Vision
Maintain the City's strong financial health.
Requested Action
Move to approve the fund transfers as outlined in the attached listing provided.
Attachments: Inter -Fund Transfers
Inter -fund Transfers for Council Approval
4/2/2013 City Council Action Fund Fund
Transferred Transferred Fund #:
From: To:
Transfer requested for debt service: $150,000 General 2004B Build. Ref. Debt - Fire 3035
$100,000 General 2004C GO Improv. Bonds 3036
$200,000 General 2006A GO Improv. Bonds 3038
$100,000 General 2007A GO Improv. Bonds 3039
$50,000 General 2007B GO Improv. Bonds 3040
$100,000 General 2010A GO Improv. Bonds 3042
Transfer to fund position:
$100,000 General IT Fund - Upgrades and cash position
$100,000 General Park Asset fund cash position to reflect underspend
$2,000,000 General Capital Improvement Fund - Street Reconstruct. Funding
Total of Transfers request of Council $2,900,000