Title
Adoption of an Ordinance on 2nd Reading to Appropriate 2014 Year-End Fund Balance
Recommended Action
City Manager Recommendation:
Move to adopt on second reading the attached ordinance appropriating the 2014 Year-End Fund Balance for various purposes.
Report
Issue:
2014 Year-end financial review and corresponding ordinances
Staff Contact:
Jane Kirkemo, Administrative Services Director, 360.753.8499
Presenter(s):
Jane Kirkemo, Administrative Services Director
Background and Analysis:
Same Background Information as 1st Reading Staff Report:
The City of Olympia ended 2014 with $2,329,129 available for appropriation. The Finance Committee is recommending you make the following assignments:
Fire Equipment Reserve |
$ 450,000 |
CFP Contingency |
$ 360,000 |
Percival Landing Repairs |
$ 350,000 |
Downtown Strategy |
$ 250,000 |
Growth in 10% Reserve |
$ 240,790 |
Technology |
$ 200,000 |
OPEB-LEOFF I |
$ 108,680 |
Parking Unbudgeted Gain |
$ 90,410 |
Pedestrian Crossing Grant Match |
$ 70,000 |
$1 per Capita for Arts |
$ 50,000 |
Holly Landing |
$ 50,000 |
Use in 2015 Budget |
$ 43,270 |
Sidewalk Repair |
$ 40,000 |
Interfaith Works Shelter |
$ 17,000 |
Council Goal Money |
$ 8,979 |
Total Assignments |
$ 2,329,129 |
The additional Council Goal money could provide some funding if a strategy for the Harbor Patrol can be worked out.
Neighborhood/Community Interests (if known):
Harbor Patrol is interested in establishing a long-term funding strategy.
Options:
Move to adopt on second reading the attached ordinance appropriating the 2014 Year-End Fund Balance for various purposes.
Financial Impact:
This assignment of fund balance transfers $360,000 to the CFP Contingency Fund and adds $8,979 to Council Goal money in addition to the assignments.
In addition to the assignment of fund balance, staff recommended establishing a LEOFF I Trust (separate staff report and ordinance). The trust would allow the City to make annual appropriations to the fund. However, if the budgeted amount was not spent any excess budget would remain in the trust fund and could not be used in the general fund (although it could be used for long-term care).