File #: 19-0456    Version: 1
Type: decision Status: Passed
File created: 5/7/2019 In control: City Council
Agenda date: 5/14/2019 Final action: 5/14/2019
Title: Review and Approval of the 2018 Year-End Fund Balance and Accounting Adjustments
Related files: 19-0253
Title
Review and Approval of the 2018 Year-End Fund Balance and Accounting Adjustments

Recommended Action
Committee Recommendation:
The Finance Committee recommends appropriating the 2018 year-end General Fund savings of $155,454 to Building Repair and Replacement ($100,000) and to purchase case management software for the prosecution and defense programs ($55,454).

Finance Committee also recommends dedicating $10,261,698 of revenue to budget stabilization reserve funds. This revenue is available as part of the 2018 year-end fund balance due to a one-time accounting adjustment required by the Government Accounting Standards Board.

City Manager Recommendation:
Move to approve the appropriation of the 2018 year-end General Fund savings of $155,454 to Building Repair and Replacement ($100,000) and to purchase case management software for the prosecution and defense programs ($55,454). And move to dedicate $10,261,698 of revenue to budget stabilization reserve due to a one-time accounting adjustment required by the Government Accounting Standards Board.

Report
Issue:
Whether to appropriate the 2018 year-end General Fund savings of $155,454 to Building Repair and Replacement ($100,000), and to purchase case management software for the prosecution and defense programs ($55,454); and whether to dedicate $10,261,698 of revenue to budget stabilization reserve due to a one-time accounting adjustment required by the Government Accounting Standards Board.

Staff Contact:
Debbie Sullivan, Administrative Services Director, 360.753.8499

Presenter(s):
Debbie Sullivan, Administrative Services

Background and Analysis:
The City ended 2018 with a General Fund balance of $2,085,907. Based on the City's financial policies and Council commitments, the 2018 General Fund balance is $155,454 (see table below).

Fund Balance as of 12/31/18 $2,085,907
2019 10% Reserve Adjustment (352,323)
Use of Fund Balance for 2019 (383,681)
Unspent Public Safety Levy Li...

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