HomeMy WebLinkAbout2.e. Fund Balance Transfer/Encumbrance4ROSEMOUNTEXECUTIVE SUMMARY
CITY COUNCIL
City Council Work Session Date: March 10, 2010
AGENDA ITEM: Fund Balance Transfer /Encumbrance
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO. 2.t.
ATTACHMENTS: General Fund Balance Worksheet, CIP
APPROVED BY:
Equipment Fund Flowchart
RECOMMENDED ACTION: None — Discussion Only.
ISSUE
The annual redesignation of excess General Fund balances per the City's Fund Balance Policy.
BACKGROUND
This item is on the agenda to complete the transfer and redesignation of excess 2009 General Funds as
outlined in the City's Fund Balance Policy. The 2009 fund balance in excess of 55% of the 2010 General
Fund operating budget is calculated to be $662,089. This amount is recommended to be used for the
retirement of two debt service issues and for capital equipment purchases. The two debt issues are the
G.O. Equipment Certificates, 2007B ($185,000 necessary to fund the remaining payments and between
$107,000 and $108,000 levy savings for each of the next two years) and the G.O. Equipment Certificates,
2008A ($256,000 necessary to fund the remaining payments and between $90,000 and $94,000 levy savings
for each of the next three years). The funds to go to the Equipment CIP Fund include $48,792 for the
payment to LOGIS for upgrades to the Police Department's Records Management Software (RMS) as
discussed at the February 10s' City Council Work Session and $172,297 for future equipment purchases
(which ties to the $200,000 dollar figure in the CIP Equipment Fund flowchart).
SUMMARY
Staff is recommending the adoption of the attached resolution.
GENERAL FUND (FUND 101)
FINAL YEAR -END FUND BALANCE WORKSHEET
(After Encumbrance Entries & Y -E Close(Pre- Auditors))
(As of 2/26/10)
12/31/09 Balance - Total Fund Balance 7,153,149
Less Adjustment to Fund Balance to reflect 12/31/09:
Encumbrances 638,253
Compensated Absences Balance (Per Fund Balance Policy): 859,003
Revenues Over /Under Expenditures 762,497
"Designated for Working Capital" as of 12/31/09: 6,418,389
(Before Adjustment Per Fund Balance Policy)
Adopted 2010 General Fund Operating Budget: 10,466,000
Percentage of Fund Balance to Next Year's Budget: 61.33%
55% of 2010 General Fund Operating Budget: 5,756,300
Amount to be Redesignated to CIP Funds: 662,089
(Per Fund Balance Policy)
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