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To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8901 Approving Transfers between Funds for <br />2017 <br />The City Council included a number of transfers between funds as part of the 2017 <br />budget. They are listed in the attached resolution in the Budget column. Resolution 8901 <br />formally authorizes the listed transfers between funds in the Actual column for the year <br />2017. Some of the budgeted transfers can be adjusted. The Council can direct staff to <br />make additional changes if it desires. <br />The General Fund has a surplus due to higher franchise fee revenue, LGA was received <br />at the promised amount, building permits were higher than anticipated and department <br />expenditures were lower for most departments due to staff vacancies. There is a <br />budgeted transfer of $75,000 to the Special Projects Fund, due to the favorable revenue <br />collections and under budget expenditures staff recommends that the transfer be <br />increased to $275,000 also staff recommends that the transfer from the General Fund to <br />the Vehicle and Equipment fund be increased to $250,000. At the beginning of the <br />economic downturn the transfer needed to support General Fund equipment purchases <br />was reduced. With each successive budget the amount has been increased to get closer <br />to the amount needed to support equipment purchases. By increasing the transfer for <br />2017 we will be reducing the underfunded amount in the Vehicle and Equipment fund. <br />The transfer from the General Fund to the Community Center fund can be increased by <br />$15,000 to accommodate the improvements to the fitness center that the Council is <br />supporting. <br />The Water Enterprise fund has had significant activity over the past five years to catch up <br />on deferred maintenance. Temporarily postponing outgoing transfers will allow the fund <br />to rebuild cash reserves that will be needed for the major improvements in the three water <br />treatment plants in 2019, 2020, and 2021. Staff is recommending approval of resolution <br />8901 approving transfers between funds. <br />Respectfully Submitted, <br />Aark Beer, Fin irector <br />