HomeMy Public PortalAboutAB 07-82 FY06 Surplus Funds
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, ID 83638
Number AB 07-82
Meeting Date May 10, 2007
AGENDA ITEM INFORMATION
Remarks
SUBJECT: Approvals: Department/ Initials
(Originator/
Committee/Individual
Support)
Status of Minimum Fund Balances, following receipt
Mayor / Council
of the FY06 Audited Financial Statements
City Manager originator
Community Development
Treasurer
Clerk, Deputy City Clerk
Police Department
Public Works
Golf Operations
Parks & Recreation
COST IMPACT:
Airport
FUNDING SOURCE:
Library
City Attorney
TIMELINE:
Grant Coordinator
SUMMARY STATEMENT:
After receipt of the FY06 Audited Financial Statements at the last Council meeting on April 26, staff has
calculated the required minimum fund balances for each of the City’s funds. Resolution 02-4 establishes
minimum fund balances that must be maintained at all times. The General Fund is required to maintain a
minimum fund balance of 40% of the three most recent years’ average operating budget. The Special
Revenue Funds (Streets/Public Works, Airport, Recreation, and Library) and the Enterprise Funds (Golf,
Water, and Sewer) are required to maintain a minimum fund balance of 30% of the three most recent years’
average operating budget.
The attached spreadsheets show the calculations involved to arrive at surplus fund balance in each Fund.
Surplus fund balance in the general fund is generally derived from property taxes. Remaining cash balance
in the Special Revenue Funds is derived in part from property taxes and in part from fees and other charges
for services. Remaining cash balance in the Enterprise Funds is derived entirely from fees for services.
RECOMMENDED ACTION:
RECORD OF COUNCIL ACTION
Meeting Date ACTION