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<br />Options for reducing the excess general fund balance are demonstrated below. Staff recommends a moderate
<br />transfer, retaining 46.75% of fund balance to ensure healthy reserves in order to help retain our AA+ bond rating
<br />awarded to the City this year.
<br />This option is highlighted in the table below:
<br />42.5%45%46.75%47.5%50%
<br />Actual Actual Actual Actual Actual
<br />2024 Budgeted Expenditures 9,398,687$9,398,687$9,398,687$9,398,687$9,398,687$
<br />Less Police and Finance contracts 1,106,871 1,106,871 1,106,871 1,106,871 1,106,871
<br />Net 2024 Budgeted Expenditures 8,291,816 8,291,816 8,291,816 8,291,816 8,291,816
<br />Unassigned Fund Balance @ 12/31/2023 A 4,460,649$4,460,649$4,460,649$4,460,649$4,460,649$
<br />2023 Ending Fund balance %54%54% 54% 54%54%
<br />Minimum fund balance range 35-50%
<br />Opening 2024 Fund Balance (reset to 42.5%-50%)B 3,524,022$3,731,317$3,876,424$3,938,613$4,145,908$
<br />2024 Transfer to Capital / Special Revenue Funds A-B=936,627$ 729,332$ 584,225$ 522,036$ 314,741$
<br />The recommended allocation of the proposed transfer is shown in the table below, based on the current and
<br />long-term funding needs in each of the identified funds:
<br />Allocation of Proposed Transfer
<br /> Capital Improvement fund 222,036$ Supports replacement of equipment as scheduled
<br /> Park Improvement fund 262,189$ Replacement of playground equipment
<br /> Community Center fund 100,000$ Supports CC in recognition of the renegotiated lease
<br />584,225$
<br />PARKS REQUESTS FROM PARKS & ENVIRONMENTAL COMMISSION AND STAFF
<br />1.Additional Safety Netting for Central Park Fields C1 & C3
<br />Estimated cost: $110,000 (included in CIP)
<br />The City receives occasional resident requests for additional netting
<br />due to foul balls leaving the fields and coming close to causing injury
<br />to parks users. City staff has worked with the School District to get
<br />pricing and determine who would fund which fields, and responsibility
<br />is shared between the entities. The City would pay for the two C3
<br />nets, and ISD282 would pay for the one C1 net. This was determined
<br />to be top priority by the Parks & Environmental Commission.
<br />Funding for this is available through a combination of utilization of park dedication fees and previous years fund
<br />transfers to fund playground and trail improvements prioritized from the WSB assessment in 2022.
<br />C1
<br />C2 C3
<br />C4
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