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REQUEST FOR ACTION <br />TO ITEM NUMBER <br />Ma or and Ci Council 4.7. <br />AGENDA SECTION MEETING DATE PREPARED BY <br />Consent December 5, 2011 Tim Simon, Finance Director <br />ITEM DESCRIPTION REVIEWED B~/ <br />Reallocation of Expansion Fee and Transfer to Public Safety Cal Portnex, Ci Administrator <br />Bonds Debt Service Fund REVIEWED BY <br />ACTION REQUESTED <br />1. Council is asked to consider a reallocation of the expansion fee to 100 percent Government <br />Building Fund effective January 1, 2012. <br />2. Council is asked to approve annual transfer in the amount of $250,000 from the Government <br />Building Fund to the Public Safety Bonds Debt Service Fund. <br />BACKGROUND/DISCUSSION <br />Currently, the city receives an expansion fee and the funds are allocated 85% Government Building Fund <br />and 15% Street Improvement Fund. As part of the capital improvement plan process, the City Council <br />reviewed the 25-year forecast on the Government Building Fund. The Council discussed the reallocation <br />at the November 21 budget worksession and requested that it come back at a future meeting for action. <br />In addition, $250,000 will be transferred out from the Government Building Fund each year for the next <br />10 years starting with the 2012 tax levy to write-down the public safety bonds. <br />FINANCIAL IMPACT <br />100% of the expansion fee will be allocated to the Government Building Fund. <br />ATTACHMENTS <br />None <br />Action Motion by Second by Vote <br />Follow Up <br />P ®• E l f 11 B Y <br />N:\Public Bodies\Ciry Council\Finance\Tim\2011\expansionfeereallocation.docx ~~ <br />