Loading...
HomeMy WebLinkAbout6.h. Budget Assignments EXECUTIVE SUMMARY City Council Meeting Date: February 20, 2018 AGENDA ITEM: Budget Assignments AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGENDA NO. 6.h. ATTACHMENTS: Resolution and 2017 Assignment Journal Entries APPROVED BY: LJM RECOMMENDED ACTION: Motion to adopt a Resolution Approving the Assignment of Certain 2017 Budget Items to 2018. ISSUE The issue before the City Council is the annual assignment of General Fund and CIP Funds items forward from the prior year to the current year. BACKGROUND On the agenda for consideration is the approval of the proposed assignment items for the General Fund, the Building CIP Fund, the Street CIP Fund and the Equipment CIP Fund. The attached journal entry worksheet summarizes the reasons for the assignment requests. In November, 2011, the City Council approved a revised Fund Balance Policy that reflected changes required by the Governmental Accounting Standards Board (GASB). As I stated in the November 15, 2011, Executive Summary: “The only real difference is how we will treat encumbrances. Encumbrances as the Council has known them in the past will not exist anymore. By the use of “assignments” we will still be able to dedicate funds to purposes like we have done in the past. Assignments will be handled by the City Administrator or Finance Director. Anything that is “assigned / encumbered” like in the past with encumbrances will be discussed with the City Council as has been done in the past so the Council is aware of and o.k. with the assignments.” Assignments are typically made for items unspent in one year that can be carried forward (“assigned”) to future years. Examples of items that have assignments are: (1) multi-year programs like the Government Buildings Repairs & Maintenance account and the Parks Maintenance Repairs & Maintenance account; (2) items or projects that are not completed in the previous year that require the budgeted funding to be carried forward; and (3) upcoming one-time expenditures to be made with unused funds from the previous years. SUMMARY Staff is recommending that the City Council adopt the attached resolution assigning the listed items from 2017 forward to 2018. CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2018 - A RESOLUTION APPROVING THE ASSIGNMENT OF CERTAIN 2017 BUDGET ITEMS TO 2018 WHEREAS, the City Council recognizes the need to carry forward to 2018 certain balances from the 2017 General Fund Operating Budget, the 2017 Building CIP Budget, the 2017 Street CIP Budget and the 2017 Equipment CIP Budget, which are summarized as follows: (1) General Fund items that total an amount of $206,400.00; (2) Building CIP items that total an amount of $1,719,000.00; (3) Street CIP items that total an amount of $123,000; (4) Equipment CIP items that total an amount of $65,600.00; NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount hereby approves the assignment of the above listed account items from the 2017 budgets to 2018. ADOPTED this 20th day of February, 2018. _____________________________ William H. Droste, Mayor ATTEST: __________________________ Erin Fasbender, City Clerk 2017 Assignment General Journal Entries 101-41110-01-225.00 9,000.00 SKB Landscaping Materials 101-41110-01-226.00 9,200.00 Tree/Landscaping Settlement 101-24420 18,200.00 To assign excess 2017 funds for future tree/landscaping projects 101-41410-01-580.00 15,000.00 Election Equipment 101-24458 15,000.00 To assign excess 2017 funds for ePollbooks and other election equipment 101-41810-01-393.00 3,500.00 Laserfiche Hardware Costs 101-24438 3,500.00 To assign excess 2017 General Government funds for future Laserfiche expenses 101-41810-01-580.00 4,000.00 Copiers 101-24422 4,000.00 To assign excess 2017 General Government funds for future copier purchases (moved from lease program) 101-41910-01-202.00 10,000.00 Copies 101-24427 10,000.00 To assign excess 2017 Community Development funds for copying costs for the Comp Plan Update 101-42110-01-439.00 1,000.00 Grant 101-24428 1,000.00 To assign excess 2017 funds for grant received in 2017 and expended in 2018 101-43100-01-404.02 8,700.00 Paint Loader 101-24439 8,700.00 To assign excess 2017 funds for painting of loader scheduled to be done in 2017 but not completed 101-45202-01-530.00 146,000.00 Parks Maintenance Long-Term Repair & Maintenance 101-24430 146,000.00 To assign excess 2016 funds not spent for future Parks Maintenance long-term repair & maintenance costs 202-49002-01-522.00 1,000,000.00 City Facilities 202-24443 1,000,000.00 202-49002-01-530.00 500,000.00 Indoor Recreational Facilities 202-24444 500,000.00 202-49002-01-531.00 25,000.00 Business Park Sign 202-24445 25,000.00 202-49002-01-533.00 194,000.00 Carroll's Woods Plan & Restoration 202-24446 194,000.00 To assign 2017 Building CIP funds forward to 2018 for delayed projects 203-49003-01-532.00 123,000.00 Pedestrian Improvements 203-24433 123,000.00 To assign 2017 Street CIP funds forward to 2018 for delayed projects 207-49007-01-573.00 14,000.00 Body Cameras 207-24467 14,000.00 207-49007-01-574.00 4,600.00 Portable Alarms 207-24486 4,600.00 207-49007-01-581.00 12,000.00 Paint Mixer 207-24483 12,000.00 207-49007-01-588.00 25,000.00 City Wide Software 207-24489 25,000.00 207-49007-01-591.00 10,000.00 Squad Computer Issues 207-24493 10,000.00 To assign 2017 Equipment CIP funds forward to 2018 for delayed purchases / projects 2015 Excess General Fund Assignment General Journal Entry 101-41110-01-598.00 296,000.00 101-24454 296,000.00 City Parking Lot To assign excess 2015 General Funds forward for special costs / projects