CITY COUNCIL AGENDA ITEM
Memo Date: July 24, 2024
Agenda Date: August 13, 2024
Prepared By: David Radford, Senior Budget Analyst
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director
Requested Action:
title
Approve a Resolution Amending the FY24 Budget (BAF#: 24-113-IFT1-3) to Transfer Investment Interest ($13,380) from the ARPA Fund and to correct two Interfund Transfer Amounts.
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BACKGROUND:
The City received an advance payment of the State and Local Government Fiscal Recovery Funds (ARPA) from the federal government. This advance payment has been earning interest in the ARPA fund. This interest can be used by the general fund rather than being restricted to ARPA uses. Staff analyzed the interest through June 30, 2024 and has determined that $13,377 can be transferred to the general fund. Additionally, other minor corrections are needed to budgeted interfund transfers to balance the budget to the actual transfers needed for FY24. Staff recommends a Budget Amendment in the amount of $13,380 in 3 separate transactions in order to move investment interest to General fund and to provide funding to the General Fund and the Restricted Assets Fund in accordance with general accounting practices.
STRATEGIC PLAN CONNECTION:
N/A
BUDGETARY IMPACT:
Budgeted No
If not budgeted, is amendment/transfer attached? Yes, BAF#: 24-113-IFT (1-3)
24-113-IFT1:
Amount Requested $13,377
Transfer From Account Number 130-0000-389.99-50
Transfer From Account Name Fund Balance (130 Fund)
Transfer Amount $13,377
Transfer From Account Number 130-1600-581.91-01
Transfer From Account Name Interfund Transfer to 001 Fund
Transfer Amount $13,377
Transfer From Account Number 001-0000-381.91-14
Transfer From Account Name Interfund Transfer from 130 Fund
Transfer Amount ($13,377)
Transfer To Account Number 001-0000-389.99-50
Transfer To Account Name Fund Balance (001 Fund)
Transfer Amount ($13,377)
24-113-IFT2:
Amount Requested $2
Transfer From Account Number 421-4010-536.49-00
Transfer From Account Name Other Charges & Obligations
Transfer Amount ($2)
Transfer From Account Number 421-4010-581.91-25
Transfer From Account Name Interfund Transfer to 425 Fund
Transfer Amount $2
Transfer From Account Number 425-0000-381.91-21
Transfer From Account Name Interfund Transfer from 421 Fund
Transfer Amount $2
Transfer To Account Number 425-9000-536.31-00
Transfer To Account Name Professional Services
Transfer Amount $2
24-113-IFT3:
Amount Requested $1
Transfer From Account Number 201-1600-513.31-00
Transfer From Account Name Professional Services
Transfer Amount ($1)
Transfer From Account Number 201-1600-581.91-01
Transfer From Account Name Interfund Transfer to 001 Fund
Transfer Amount $1
Transfer From Account Number 201-1600-581.91-01
Transfer From Account Name Interfund Transfer from 001 Fund
Transfer Amount ($1)
Transfer To Account Number 001-0000-381.91-20
Transfer To Account Name Interfund Transfer from 201 Fund
Transfer Amount $1
Transfer To Account Number 201-0000-381.91-01
Transfer To Account Name Interfund Transfer from 001 Fund
Transfer Amount ($1)
Transfer To Account Number 001-0000-389.99-50
Transfer To Account Name Fund Balance 001 Fund
Transfer Amount ($1)
PREVIOUS ACTION:
N/A
RECOMMENDED MOTION:
Recommendation
Approve a Resolution Amending the FY24 Budget (BAF#: 24-113-IFT1-3) to Transfer Investment Interest ($13,380) from the ARPA Fund and to correct two Interfund Transfer Amounts.