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 bu...
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