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N1OUND1tSVVtEW <br />Item No. 8.C. <br />Meeting Date: February 12, 2024 <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: Gayle Bauman, Finance Director <br />Item Title/Subject: Resolution 9869 Approving Transfers between Funds for 2023 <br />Background: <br />The City Council included a number of transfers between funds as part of the 2023 budget. They <br />are listed in the attached resolution in the Budget column. Resolution 9869 formally authorizes <br />the listed transfers between funds in the Actual column for 2023. Council can direct staff to make <br />additional changes if it desires as there is a surplus in the General Fund. <br />Discussion: <br />The transfers from the TIF funds have been adjusted based on actual TIF revenue received. The <br />transfer to the General fund from the Vehicle and Equipment fund for $27,000 for computer <br />equipment can be eliminated due to a surplus. <br />The General Fund has a surplus due to LGA being fully funded in 2023, recognition of the final <br />American Rescue Plan Act (ARPA) grant funds, the issuance of conduit debt in 2023, and the <br />rebound of the value of the City's investment portfolio. At the 02/05/24 work session, Council <br />discussed transferring $11,000 to the EDA in order to fund four more forgivable loans in 2024. <br />After this transfer there would be approximately $955,620 of funds available for transfer from the <br />General Fund. <br />Recommendation: <br />Staff is recommending approval of resolution 9869 approving transfers between funds and <br />authorizing the Finance Director to complete any corresponding budget adjusments. <br />Respectfully Submitted, <br />Gayle Bauman, Finance Director <br />