Title
Review of 2017 Year-End Fund Balance
Recommended Action
Committee Recommendation:
The Finance Committee recommends allocating the year-end savings based on City policy and Council commitments, which leaves $34,831. Finance Committee's recommendation is to allocate the remaining funds to biohazard remediation.
City Manager Recommendation:
Move to approve the allocations of the remaining 2017 year-end funds of $34,831 to biohazard remediation, and direct staff to prepare an ordinance appropriating specific items to be funded from 2017 year-end funds.
Report
Issue:
Whether to allocate the remaining balance of 2017 year-end funds of $34,831.
Staff Contact:
Dean Walz, Fiscal Services Director, Administrative Services, 360-753-8465
Presenter(s):
Dean Walz, Fiscal Services Director, Administrative Services
Background and Analysis:
The City ended 2017 with a general fund balance of $34,831. This assumes that the 10% required reserve and previous Council commitments have been funded (see table below).
2017 Budget Status:
Revenue (Under) Budget $ (27,879)
Expenses Under Budget $1,855,335
Net Resource Gain $1,827,456
Policy Allocations:
Growth in 10% Reserve
Base $ (342,895)
Public Safety Levy $ (280,000)
2018 Budget Balancing $ (212,571)
$ 991,990
Commitments:
Parks 2018 Operating Budget $ (12,159)*
Parks Capital Budget $ (500,000)**
City-owned Buildings Cap. Budget $ (445,000)
Resources Available $ 34,831
* Based on Interlocal Agreement with OMPD District (1)
** 2017 Catch-up on 1% CFP Utility Tax to Parks (2)
Finance Committee discussed the 2017 year-end fund balance on February 21, 2018. They confirmed the policy allocations, commitments, and the City Manager's recommendation to allocate the remaining $34,831 for biohazard remediation related to encampments. The year-end presentation to the Finance Committee, including the status of the 2018 critical needs and draft minutes are attached.
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