Laserfiche WebLink
Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.5 <br /> Agenda Section Meeting Date Prepared by <br /> Consent November 18, 2019 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Resolution Authorizing Transfer from the General Cal Portner, City Administrator <br /> Fund to the Capital Outlay Reserve Fund Reviewed by <br /> Action Requested <br /> Adopt,by motion, a resolution authorizing the transfer from the General Fund to the Capital Outlay <br /> Reserve Fund. <br /> Background/Discussion <br /> As part of our financial management policies, the fund balance policy sets a minimum and maximum <br /> fund balance in the General Fund of 40-45%. Any amount above our maximum may be appropriated by <br /> Council to be used for one-time,non-recurring expenditures. <br /> As of the end of 2018, the General Fund had an excess fund balance of$237,813. During the CIP <br /> discussion on November 4,it was recommended the excess fund balance of$237,813 be transferred to <br /> the Capital Outlay Reserve Fund for IT hardware/software replacements and miscellaneous capital outlay <br /> items. <br /> Financial Impact <br /> Transfer from the General Fund excess fund balance of$237,813 to the Capital Outlay Reserve Fund. <br /> Attachments <br /> ■ Resolution <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />