Title
Approval of Fund Balance Above Policy Recommendation
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the City Manager’s recommendation for use of available fund balance above policy and include those recommendations in the next budget adjustment ordinance for 2023.
Report
Issue:
Whether to approve the City Manager’s recommended uses of available General Fund fund balance above policy and include those recommendations in the next budget adjustment ordinance for 2023.
Staff Contact:
Joan Lutz, Budget & Financial Manager, 360.753.8760
Presenter(s):
Jay Burney, City Manager
Background and Analysis:
The City’s General Fund has policies governing the amount of fund balance required to be held in reserve and the requirements for its use. The City annually examines the amount of fund balance available in excess of policy and the priority needs for allocating some of those excess monies in the current fiscal. The City Manager discussed the preliminary list with the Finance Committee in March.
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
One of the goals of the City’s budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it deals with City finances and fiscal governance.
Financial Impact:
This agenda item would allocate $4,368,300 in 2023 for the proposed purposes.
Options:
1. Approve the fund balance above policy recommendations.
2. Do not approve the fund balance above policy recommendations.
3. Take other action.
Attachments:
Presentation