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CITY OF ST. ANTHONY <br /> REQUEST FOR CITY COUNCIL ACTION <br /> --------------------------------------------------------------- <br /> • Date Submitted Type of Action Requested Agenda Item Number <br /> X Resolution New Business-4 <br /> June 9 1983 Ordinance <br /> Date Action Requested Formal Action/Motion Title Change in Budget <br /> Other " <br /> June 14 1983 Fund Transfers <br /> --------------------------------------------------------------- <br /> TO: Mayor and Councilmen <br /> FROM: David M. Childs, City Manager <br /> ---- <br /> ---------------------------------------------------------- <br /> SUMMARY DISCUSSION OF SUBJECT: On May 11 , 1982, the City responded to impend- <br /> ing cuts in state aids by- passing two resolutions (82-019 and 82-020) which lowered <br /> Capital Equipment Fund expenditures and authorized transfer of Revenhe Sharing and <br /> Special Police Funds into the General Fund. The auditor has brought to my attention <br /> that the actual transfers were not made and without the $23,600 transfer , the excess <br /> of revenues over expenditures for 1982 was over $90,000. <br /> • FISCAL IMPACT: <br /> An adequate fund balance for any agency, business or governmental <br /> entity is extremely important. The City ' s fund balance at the end of 1981 was <br /> $548,000.00. With another $90,000+ for 1982 , our current General Fund <br /> balance will equal about 1/3 of the budget , an indication of financial health for <br /> bond rating agencies . The capital outlay fund is only one year old and there has <br /> been a very low balance, thus showing a greater need for these dollars at this time. <br /> ALTERNATIVES : Two alternatives are now available as follows : <br /> 1 . Do nothing, thus directing the auditor to make the transfer as originally proposed <br /> and increasing the General Fund revenues over expenditures to about $115 ,000. <br /> 2. Rescind resolutions 82-019 and 82-020 , thus increasing the 1982 year-end fund <br /> balance for the Capital Outlay Fund by $23,600 and leaving the 1982 General Fund <br /> revenues over expenditures at S90,000+. <br /> RECOMMENDATION: Staff recommends that the Council pass Resolution 83-033, rescind- <br /> ing Resolutions 82-019 and 82-020 and increasing the dollars available for needed <br /> equipment purchase and updating. <br /> • CITY MANAGER' S REVIEW: COMMENTS : <br /> i <br />