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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Administration A ril 2, 2007 <br />Item Description <br />Resolution Transferrin 2006 General Fund Balance <br /> <br />Item Number <br />5.3. <br /> <br />Prepared by <br />Tim Simon, Finance Director <br />Reviewed by <br />Lori ohnson, Ci Administrator <br /> <br />Introduction <br />The City's financial management plan requires that the fund balance in the General Fund in excess of 40 <br />percent of next years budgeted expenditures be allocated to other purposes at the discretion of the City <br />Council. <br /> <br />Discussion <br />In previous years the City Council has set the unreserved fund balance at 41.5 percent of next years <br />General Fund budgeted expenditures and allocated the amount over that for capital equipment, pay <br />adjustments, or other one-time expenditures. The attached resolution transfers the balance over 41.5 <br />percent to the capital outlay reserve fund for 2008 capital outlay purchases. By allocating to the capital <br />outlay reserve fund, the city will be able to reduce the 2008 general fund expenditures for capital outlay <br />and equipment certificates. <br /> <br />Financial Impact <br />Reduction in the 2008 equipment certificates and General Fund capital outlay purchases. <br /> <br />Attachments <br />Resolution transferring the 2006 General Fund balance. <br /> <br />Action Requested <br />Consider attached resolution <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />s: \ Council\ Tim \FundBalance allocation. doc <br />