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Item No. 8.E. <br /> mou--Nms VMWMeeting Date: February u 2025 <br /> ness 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 10057 Approving Transfers between Funds for 2024 <br /> Background: <br /> The City Council included a number of transfers between funds as part of the 2024 budget. They <br /> are listed in the attached resolution in the Budget column. Resolution 10057 formally authorizes <br /> the listed transfers between funds in the Actual column for 2024. 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 $28,000 for computer <br /> equipment can be eliminated due to a surplus. The vehicle for the Storm Water fund has been <br /> moved from 2024 to 2025 and the 2024 transfer is not needed. <br /> The General Fund has a surplus mainly due to the issuance of conduit debt in 2024, and the <br /> rebound of the value of the City's investment portfolio. There is approximately$930,000 of funds <br /> available for transfer from the General Fund. Some items discussed by council for the use of <br /> these funds are Tribute Park and restoration of the mermaid. Staff would recommend <br /> transferring the $930,000 from the General Fund to the Special Projects Fund to assist with <br /> projects like this. <br /> Recommendation: <br /> Staff is recommending approval of resolution 10057 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 />