Title
Discussion of General Fund Excess Carryover Balance
Brief Description: City Council and staff discussed the General Fund excess carryover balance at the January 2024 City Council retreat. The decision was made to bring back the discussion once we were through June 2024 and had a better understanding of our financial position.
Body
Legislative History
None.
Purpose & Explanation
At the January 2024 Council retreat, staff reported there was a $1.6 million excess carryover balance available in the General Fund. Since then, the excess has been reduced by supplemental appropriations of $300,000 leaving an excess balance of $1.3 million. We suggest allowing for an additional $300,000 in unplanned appropriations for the remainder of 2024 that would leave an excess balance of $1 million.
As a reminder, the “excess” represents the available fund balance that is above our 40% targeted carryover balance.
Timing Considerations
None
Fiscal Impact
Currently Budgeted (Account #, $)
X Supplemental Appropriation Required (if desired)
Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends Council consider using the excess balance to purchase the three pieces of equipment the Service Department is requesting at a net cost of $937,000.
Submitted by,
Thomas J. Sheridan, City Manager
Jeff Knoblauch, Asst City Manager - Finance Director
Brian Griffith, Director of Budget & Management