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N1OUND1tSVVtEW <br />Item No. 8.F. <br />Meeting Date: February 14, 2022 <br />Type of Business: Council Business <br />Administrator Review: <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9548 Approving Transfers between Funds for 2021 <br />Background: <br />The City Council included a number of transfers between funds as part of the 2021 budget. They <br />are listed in the attached resolution in the Budget column. Resolution 9548 formally authorizes <br />the listed transfers between funds in the Actual column for 2021. Some of the budgeted transfers <br />can be adjusted. The Council can direct staff to make additional changes if it desires. <br />Discussion: <br />The General Fund has a surplus due to the American Rescue Plan Act (ARPA) grant and LGA <br />was received at the certified amount. There is a budgeted transfer of $75,000 to the Special <br />Projects Fund, this is recommended to be increased to $725,000 to include the ARPA grant that <br />had realized revenue of $650,000 which can be used for future projects. The Vehicle and <br />Equipment Fund was underfunded in past years to balance the General Fund budget. A funding <br />deficit developed and is approximately $1 million as of the 2022 thru 2026 five year plan. <br />Increasing the budgeted transfer to $400,000 will help reduce the funding deficit that was created <br />as a result of reduced transfers. The transfer to the General fund for from Vehicle and Equipment <br />fund for $25,000 for computer equipment can be eliminated due to the surplus and the transfer <br />from the Vehicle & Equipment fund to the Water fund for $35,000 can be cancelled as the <br />purchase was deferred. <br />Recommendation: <br />Staff is recommending approval of resolution 9548 approving transfers between funds. <br />Respectfully Submitted, <br />Mt 2 r�z Peer <br />Mark Beer, Finance Director <br />