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AGENDA ITEM <br /> <br />Prepared By: RJO Reviewed By: A. Carlson Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this action is to create two separate funds: The Police Capital Fund and the <br />Fire Capital Fund. This would include a transfer of funds already identified as being for capital items that <br />are currently recorded on other funds. <br /> <br />2. Background. As part of the annual Capital Improvement Plan approval, staff has been working on <br />segregating funds based on their intended purpose. In keeping with that goal and to improve <br />transparency, staff would like to create two new funds: the Police Capital Fund; and the Fire Capital fund. <br />Currently there are funds designated specifically for Police and Fire that are not in their own funds. <br /> <br />Since 2013, the City has been setting aside funds from the unspent amounts in the police budget that <br />relate to our service contracts with Spring Park and Minnetonka Beach. The retaining of funds for future <br />police related expenditures is a requirement identified in the police service contracts. The funds are <br />currently being recorded in the PIR fund. As of 12/31/2022, including a transfer of $74,000 for the 2022 <br />budget year, is $430,859. <br /> <br />Included in the city’s operating annual budget is a transfer from the General Fund to the Improvement <br />Equipment Outlay Fund for purchase of equipment. A portion of the transfer is designated for fire <br />equipment. Currently, the amount for fire is only identifiable on the balance sheet as a designation of <br />fund balance. A separate spreadsheet is needed to keep a running total of the balance. Creation of a Fire <br />Capital Fund will create efficiencies in the accounting process and increase transparency to the public. <br />The current amount in the IEO Fund for fire is $80,500. <br /> <br />3. Staff Recommendation. Staff recommends approval of the attached resolution creating the Police <br />Capital Fund and the Fire Capital Fund and approving the corresponding fund transfers. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve Resolutions 7350 & 7351, <br /> <br />Exhibits <br />A. Resolution – Creating Police Capital Fund <br />B. Resolution – Creating Fire Capital Fund <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Item No.: 9 Date: March 21, 2023 <br />Item Description: Approval to Establish Police and Fire Capital Funds – Resolution No. <br />7350 & Resolution 7351 <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda