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Date: May 12, 2025 Item: 10 <br />Presenter: Maggie Jin, Finance Director <br />Section: Consent Agenda <br /> <br />Title: Establish the Facilities Services Fund - Resolution 7582 <br /> <br /> <br />1.Purpose: <br />The purpose of this action is to establish a new internal services fund, the Facilities Services Fund. <br />2.Background: <br />As part of the budget process, staff has been working on segregating internal services into their <br />own funds, called internal service funds. Internal services funds are a type of fund used to account <br />for goods and services provided to other departments. Internal service funds helps improve <br />financial management by allowing more precise tracking of cost related to specific services and is <br />useful for budgeting and decision making. <br /> <br />Currently the City has three internal services funds: Fleet, Insurance and Information Technology <br />(IT). These funds are used to track the specific services as named and sets aside funds, if any <br />available at year-end, for future capital projects related to such services, such as projects and <br />upgrades. The revenue for internal services funds comes from charging a service fee to each <br />departments that use the good and services provided to them based on appropriate factors. <br />Examples of factors used may include the allocation of staff time spent, goods purchased for each <br />department, and subscriptions that each department uses. <br /> <br />Staff is recommending the establishment of the Facilities Services Fund (702), an internal services <br />fund. Staff will begin to move facility related services, supplies, maintenance and repairs to that <br />fund from the Central Services department within the General Fund with the upcoming budgeting <br />cycle for 2026. <br />3.Staff Recommendation: <br />Staff recommends approval of Resolution 7582 Establishing the Facilities Services Fund. <br />AGENDA ITEM <br /> <br /> <br /> <br /> <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve Resolution 7582 Establishing the Facilities Services Fund. <br />Exhibits <br />Resolution 7582 - Establishing the Facilities Services Fund <br />84