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Item No. 8.C. Meeting Date: February 11, 2019 Type of Business: Council Business Administrator Review: _______ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Resolution 9075 Approving Transfers between Funds for 2018 The City Council included a number of transfers between funds as part of the 2018 budget. They are listed in the attached resolution in the Budget column. Resolution 9075 formally authorizes the listed transfers between funds in the Actual column for 2018. Some of the budgeted transfers can be adjusted. The Council can direct staff to make additional changes if it desires. The General Fund has a small surplus due to higher franchise fee revenue, LGA was received at the promised amount, and building permits were higher than anticipated. There is a budgeted transfer of $75,000 to the Special Projects Fund, due to the favorable revenue collections staff recommends that the transfer be increased to $100,000 also staff recommends that the transfer from the General Fund to the Vehicle and Equipment fund be increased to $300,000. At the beginning of the economic downturn the transfer needed to support General Fund equipment purchases was reduced to help balance the General Fund budget. An underfunded balance of approximately one million dollars developed in the Vehicle and Equipment fund as a result. With each successive budget the amount has been increased to get closer to the amount needed to support equipment purchases but nothing has been done to reduce the underfunded condition. By increasing the transfer for 2018 and eliminating $22,000 to be transferred to the General Fund for computer equipment we will be reducing the underfunded amount in the Vehicle and Equipment fund. Staff is recommending approval of resolution 9075 approving transfers between funds. Respectfully Submitted, ____________________ Mark Beer, Finance Director