2024 03 19 City Council Packet 1

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F
INANCE DEPARTMENT 
ME
MORANDUM 
T
O: Deb Wallace, City Manager 
FROM: Mike Keith, Director of Finance 
DATE: February 9, 2024 
RE:     FY2024 Fund Balance Transfer 
Ou
r 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 FY2024 budget, that amount should be 
$15,525,000.  Since we did not have paving done in FY2022 and FY2023, and plan to use the 
FY2025 allotment in the current year, I am recommending that we keep $1,500,000 additional in 
fund balance to account for this.  This would require us to have approximately $17,000,000 in 
fund balance and leaves us an excess of approximately $2,000,000 to transfer.  I would like to be 
more conservative in the amount to transfer to capital and recommend transferring $ 1,500,000 
from the General Fund to the Capital Projects Fund  in March and ask that this be placed on the 
March agenda.  Please let me know if you have any questions or need any additional items for 
this memo. 
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