Title
Approval to Appropriate 2019 Year-End Funds
Recommended Action
Committee Recommendation:
Finance Committee met on March 18 to review and discuss the 2019 year-end General Fund Financial position. The Committee directed staff to forward a recommendation to City Council to appropriate approximately $1,430,000; $495,000 to Capital for Building Repair and Replacement, and $935,000 to the 2020 Operating Budget as unallocated funds.
City Manager Recommendation:
Move to approve appropriating 2019 year-end General Fund savings of approximately $1,430,000: $495,000 to Capital for Building Repair and Replacement and $935,000 to the 2020 Operating Budget as unallocated funds, and direct staff to include these appropriations with the First Quarter Budget Amendment.
Report
Issue:
Whether to approve appropriating 2019 year-end General Fund savings of approximately $1,430,000: $495,000 to Capital for Building Repair and Replacement and $935,000 to the 2020 Operating Budget as unallocated funds, and direct staff to include these appropriations with the First Quarter Budget Amendment.
Staff Contact:
Debbie Sullivan, Administrative Services Director, 360.753.8499
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The City ended 2019 with an approximate General Fund balance of $1,430,000. This amount remains after adjustments were made to the Emergency Reserve ($266,509) and the Budget Stabilization Reserve ($208,498).
Finance Committee discussed the 2019 year-end General Fund financial position on March 18, 2020. The Committee confirmed the Council's commitment to allocate $495,000 to Building Repair and Replacement. They also discussed the uncertainly of 2020 General Fund Revenue due to the COVID-19 pandemic and recommended keeping unallocated funds of $935,000 in the 2020 Operating Budget. The intent is to use these funds as a buffer to help cover impacts to General Fund revenue as a result of the pandemic.
Neighborhood/Community Interests...
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