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NIOUNDI'S' VIEW Item No. 8.D. Meeting Date: February 8, 2021 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 9391 Approving Transfers between Funds for 2020 Background: The City Council included a number of transfers between funds as part of the 2020 budget. They are listed in the attached resolution in the Budget column. Resolution 9391 formally authorizes the listed transfers between funds in the Actual column for 2020. Some of the budgeted transfers can be adjusted. The Council can direct staff to make additional changes if it desires. Discussion: The General Fund has a surplus due to CAREs Act grant, LGA was received at the promised amount, building permits were higher than anticipated and interest revenue was higher due to marking to market. 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 $475,000 to cover the cost of the HVAC improvements to City Hall, Community Center, and PW Garage. Staff recommends that the transfer from the General Fund to the Community Center fund be increased to $550,000 to help offset the retirement of the ESP lease ($310,000) authorized by the City Council and provide some additional working capital as we wait for the economy to recover. The transfer to the General fund for from Vehicle and Equipment fund for $24,000 for computer equipment can be eliminated due to the surplus and the transfer from the Vehicle & Equipment fund to the Water fund for $35,000 can be cancelled as the purchase was deferred. Recommendation: Staff is recommending approval of resolution 9391 approving transfers between funds. Respectfully Submitted, Mark Beer, Finance Director