Title
Fund Balance Above Policy Discussion
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Discussion only. No action requested.
Report
Issue:
Whether to hold a discussion regarding one-time expenditures using available fund balance above policy.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
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 one-time only needs for allocating some of those excess monies in the current fiscal year. The City will not officially close its 2023 fiscal year until May and until then, the available fund balance above policy is subject to change.
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:
There is no financial impact associated with this agenda item.
Options:
1. Receive information on available fund balance above policy and draft priority uses.
2. Do not receive information on available fund balance above policy and draft priority uses.
3. Reschedule the discussion to another meeting.
Attachments:
None