Laserfiche WebLink
1 <br /> <br /> STAFF REPORT <br />DATE: February 18, 2025 <br /> <br /> <br /> <br />TO: Mayor & Council <br />FROM: Clarissa Hadler, Finance Director <br />AGENDA ITEM: Budget Amendments & Fund Transfers <br /> <br /> <br />BACKGROUND: <br /> <br />The below items are minor “clean-up” items for 2024 and 2025 budgets. <br /> <br /> <br />City Center Shared Expenses <br />As part of the 2025 Budget process and to clean up the shared city center expense process, staff created the <br />703 Fund, an internal service fund that will pay shared expenses and then bill the city center departments <br />for their share. As part of that budgeting process, we missed adding the City Center property insurance. In <br />addition, staff finds that it would be most consistent if we also amend the 2024 Budget to reflect the current <br />process, so that the comparison between 2023, 2024, and 2025 isn’t quite as different or confusing. After <br />the amendment, the change in practice will appear to have been from 2023 to 2024 only and then continued <br />from there. <br /> <br />Fire Display <br />Chief Kalis has requested that the donations received in 2024 from Don Raleigh’s memorials be utilized <br />for the Fire Department History Display, a project that was previously approved by council on 11/19/2024, <br />though there was no funding source designated and it was not included in any annual budget. Those <br />donations totaled $5864. The project is expected to be completed in 2025, so the transfer will be reflected <br />in 2024, but the expense will be 2025. <br /> <br />Valley Creek RR Crossing Project <br />The final transfer is from Fund 446 (Hudson Blvd) to 430 (RR Crossing). We bonded for the Hudson Blvd <br />project, but also received reimbursement by MSA dollars, so that MSA funding is now available for general <br />use. The transfer is for $1 million. This allows us to avoid the tentatively planned bonding for that project. <br /> <br /> <br />RECOMMENDED MOTION <br />1. Motion to approve budget amendments and fund transfers to 2024 and 2025 as shown on attached. <br /> <br />ATTACHMENTS <br />1. Budget Amendments & Fund Transfers