2022 08 16 City Council
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FINANCE DEPARTMENT MEMORANDUM TO: C. Seth Sumner, City Manager FROM: Mike Keith, Director of Finance DATE: August 3, 2022 RE: FY2023 Budget Amendment Number 1 for Fund Balance Transfer Our fund balance policy for the unassigned fund balance in the General Fund is to maintain an amount equal to 75% of budgeted expenditures. For the FY2023 budget, that amount should be $14,625,000. Since we have several items that were not completed in the prior year and are being carried over to this year ($500,000 of paving being one item), | recommend that this amount be $15,500,000. Based on the above, | recommend transferring $2,900,000 from the General Fund to the Capital Projects Fund in August and ask that it be placed on the August Agenda. Please let me know if you have any questions or need any additional items for this memo. 24