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•JUi <br />REQUEST FOR COUNCIL ACTION <br />DATE: July 18, 19% <br />^99g <br />ITEM NO <br />= // <br />Administrator Reviewed: <br />fM- <br />Agenda Section: <br />Administrator’s Report <br />Department Approval: <br />Name Ron Moorse <br />Title City Administrator <br />Item Description: <br />Transfer of General Fund Reserves to Permanent Improvement Revolving (PIR) Fund <br />As part of the 1996 budget development and approval process, the Council authorized the <br />transfer of $100,000 from the General Fund Reserves to the PIR Fund to be designated as <br />follows; $50,000 as partial funding for a Stomiv^ater Management Plan and $50,000 as funding <br />for infrastructure improvements (stormwater drainage projects). <br />In addition, th** Council directed that $100,000 of the General Fund Reserves be designated as <br />contingency funding in the case of a reduction in the city’s HACA revenue, and that $1(X),(X)0 <br />of General Fund Reserves be designated as a contingency amount in the case of a significant <br />reduction in contract revenue. <br />COUNCIL ACTION REQUESTED <br />1.Motion to approve the transfer of $100,000 of reserves from the General Fund to the PIR <br />Fund, with $50,000 designated toward a Stormwater Management Plan and $50,000 <br />designated toward infrastrucnire improvements (stormwater drainage projects); and <br />approving a budget adjustment to reflect the $1(X),0(X) expenditure in the General Fund, <br />and the $100,000 revenue increase in the PIR Fund. <br />2.Motion to confirm the designation of $100,(XX) of the General Fund Reserves as a HACA <br />revenue reduction contingency and $1(X),000 as a contract revenue reduction contingency.