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AGENDA ITEM <br />Date: February 24, 2025 <br />Title: 2024 Fund Transfers <br />Presenter: Maggie Jin, Finance Director <br />Section: Consent Agenda <br />Item: 4 <br />Purpose: <br />The purpose of this action item is to approve the police department budget surplus transfer and to <br />consider adopting a resolution authorizing staff to transfer the budget surplus at year-end as a <br />routine procedure. <br />2. Background: <br />Since 2013, the City has been setting aside funds from the unspent amounts in the police <br />department budget within the General Fund that relate to the police service contracts with Spring <br />Park and Minnetonka Beach. The retaining of funds for future police related expenditures is a <br />requirement identified in the police service contracts. Historically, the funds were being recorded <br />as part of the Permanent Revolving Fund and moved over to the Police Capital Fund in 2023. <br />The minimum amounts required at the end of each year would be to transfer over the percentage <br />correlating to Spring Park and Minnetonka Beach's contracts and the maximum amount would <br />include Orono's percentage. The transfer is included in Exhibit A with detail. A resolution is also <br />included to approve staff to process the transfer in future years. <br />3. Staff Recommendation: <br />Staff recommends approval of the 2024 Transfer as presented and approval of Resolution 7556 <br />authorizing staff to transfer the year-end police department budget surplus in future years. <br />COUNCIL ACTION REQUESTED <br />Motion to approve the 2024 Transfers as presented on the attached exhibit. <br />Motion to approve Resolution 7556 Authorizing Staff to Transfer Year -End Police Department Budget <br />Surplus. <br />Exhibits <br />A. 2024 Fund Transfer <br />B. Resolution 7556 Police Surplus Transfer <br />23 <br />