03-23-2022 Council Packet - Laserfiche WebLink

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2. Assigned Fund Balance Assigned fund balance are for amounts that are set aside for particular purposes. Council has designated the authority to assign fund balance for specified purposes to the City Administrator and/or Finance Director. Assigned fund balance has been calculated as follows: Description Amount Building department efficiencies not completed in 2021 $38,500 Building inspection services $20,000 Fuel costs $10,000 Total $68,500 3. Unassigned Fund Balance Unassigned Fund Balance is the fund balance after subtracting the nonspendable fund balance items and the assigned fund balance items. The unassigned fund balance has increased from 38% at the end of 2017 to 80% at the end of 2021. A transfer out is needed to lower the unassigned fund balance in accordance with the City’s Fund Balance Policy. The effect on unassigned fund balance based on the following transfers is as follows: Transfer Out Amount Percent of Unassigned Fund Balance $900,000 59.75% $1,000,000 57.50% $1,100,000 55.21% $1,200,000 52.93% $1,300,000 50.66% $1,400,000 48.39% Since it was anticipated that a transfer would be possible at year-end, a $900,000 transfer was included when preparing both the Budget and CIP last fall. ACTION REQUESTED: Approve a transfer from the General Fund to the General Capital Improvements Fund in the amount of $900,000 or another amount effective 12/31/2021, per the City’s Fund Balance Policy.