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AGENDA ITEM <br />Prepared By: MLU Reviewed By: DJR Approved By: DJR <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this action item is to approve an additional 2019 Transfer. <br /> <br />2. Background. Transfers between city funds require the approval of the City Council. The <br />Council previously approved budgeted 2019 transfers at the meeting of December 9, 2019 and <br />approved 2 unbudgeted transfers in May this year. The additional transfer that needs approval is <br />as follows: <br /> <br />a) Transfer fund balance in excess of 50% from the General Fund to the Pavement Management <br />Fund, which would be $717,000. The major funding for the 2020 Street Maintenance Project is <br />from the Pavement Management Fund (PMP). The 2019 levy for the Pavement Management was <br />$544,450 which cover approximately half of what was needed for funding. <br /> <br />3. Staff Recommendation. Staff recommends approval of the 2019 Transfer as presented. <br /> <br />COUNCIL ACTION REQUESTED <br /> <br />Motion to approve the 2019 transfer as presented on the attached schedule. <br /> <br />Exhibits <br />A. Schedule of 2019 Interfund Transfer <br /> <br /> <br /> <br />Item No.: 4 Date: November 23, 2020 <br />Item Description: 2019 Transfer - Pavement Management <br />Presenter: Maggie Ung <br />Accountant <br />Agenda <br />Section: <br />Consent Agenda