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MAYOR <br />Bill Blcsencr <br />COUNCIL <br />Rick Montour <br />John Reis <br />Michael McGraw <br />Shelly Boss <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R. Hanson <br />www. ci.little- Canada. mn. us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Sharon Provos, Finance Director <br />DATE: October 10, 2012 <br />RE: Fund Transfer <br />Attached is the calculation for a transfer from the General Fund to the General Capital Improvements <br />Fund. This transfer is consistent with the City's General Fund Cash Flow Policy, but reduces the <br />fund balance to the low end of our targeted range (42.5% to 65% of budgeted General Fund <br />expenditures). There is an Interfund Loan (IFL) carried by the General Fund that we have subtracted <br />from the fund balance in making this calculation. By keeping the IFL in the General Fund, we realize <br />higher interest earnings. <br />Staff feels we can go to the low end of the range and safely transfer $373,660 from the General Fund <br />to the General Capital Improvement Fund. Staff recommends approval of the transfer as proposed. <br />1 <br />