HomeMy Public PortalAboutAB02-24 Minimum Fund BalanceCITY COUNCIL City Of McCall
AGENDA BILL 216 East Park Street
Number AB 02-24 McCall, ID 83638
Date March 14, 2002
ITEM INFORMATION
SUBJECT:
Original Agenda Date &
Bill No.
Department/Committee/Individual
Initials
Remarks
Minimum Fund Balance
A
Mayor / Council
Originator
P
City Manager
P
Finance Director/City Clerk
R
Deputy City Clerk
O
Community Development
V
Police Chief
A
Public Works
L
Director of Golf & Parks Operations
COST IMPACT:
S
Recreation
Director
FUNDING SOURCE:
Airport Manager
Librarian
TIMELINE:
City Attorney
Grant Coordinator
SUMMARY STATEMENT:
At the January 24, 2002
City Council meeting, Council directed staff to prepare a resolution to maintain the fund balance level at the calculated amount. Attached is a resolution, which requires Council to
decide what percentage should be maintained in each fund.
The spreadsheet attached shows the operating expenditures for the last 3 years, the minimum fund balance that would be required
at 30% and 40% based upon the average expenditures for the last 3 years, and the fund balance available with a 30% or 40% reserve amount. Council must determine whether to maintain
a fund balance of 30% or 40%.
RECOMMENDED ACTION: Set a fund balance percent and adopt Resolution No. 02-04 and authorize the Mayor to sign.
RECORD OF COUNCIL ACTION
Meeting
Date
Action
March 14, 2002
Set the minimum fund balance to be achieved as soon as possible at 40% for the general fund, 30% for the special revenue funds, and 30% for the enterprise
funds.