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AGENDA ITEM <br />Item No.: <br />Date: June 10, 2019 <br />Item Description: 2018 Transfers - Pavement Management <br />Presenter: Ron Olson Agenda City Administrator's <br />Finance Director Section: Report <br />1. Purpose. The purpose of this action item is to approve additional 2018 Transfers. <br />2. Background. Transfers between city funds require the approval of the City Council. The <br />Council previously approved a number of 2018 transfers at the meeting of December 10, 2018. <br />There are three additional transfers that need approval. <br />a) The first involves the transfer of excess fund balance from the General Fund to the Pavement <br />Management Fund. The amount of fund balance transfer is $450,000 from 2017 and $550,000 <br />from 2018. This transfer was discussed as part of the road discussion at the council work session <br />held on 4/22/19. <br />b) The Second transfer is for the excess fund balance from the Insurance Fund. At the council <br />meeting of 10/8/2018 the Council passed a resolution setting the maximum fund balance of the <br />Insurance fund at $300,000. As part of the road funding discussion in April, excess fund balance <br />in the amount of $310,000 was identified as being transferred to the Pavement Management <br />Fund. <br />c) The final transfer involves the transfer of funds from the 2014 debt service fund to the Water <br />Fund. In both 2014 and 2015 a transfer in the amount of $103,000 was made from the Water <br />Fund to the Debt Service Fund for the water portion of these bonds. Because the water fund is an <br />enterprise fund, debt payments are made directly from the enterprise fund, not the debt service <br />fund. This transfer is to return the funds to Water Fund where the debt payments are being <br />recorded. <br />3. Staff Recommendation. Staff recommends approval of the 2018 Transfers as presented. <br />COUNCIL ACTION REQUESTED <br />Motion to approve the 2018 transfers and loan payments as presented on the attached schedule. <br />Exhibits <br />A. Schedule of 2018 Interfund Transfers <br />B. April Work Session Memo <br />Prepared By: 11C <br />Reviewed By: 1b9a <br />Approved By: JS)�4Z <br />