HomeMy Public PortalAboutAB 08-108 FY07 Surplus Fund BalancesMcCALL CITY COUNCIL
AGENDA BILL
Number
Meeting Date
216 East Park Street
McCall, ID 83638
AB 08-108
May 22, 2008
AGENDA ITEM INFORMATION
SUBJECT:
Status of FY07 Surplus Fund Balances and
Discussion of FY07 Audit Report
Approvals: Department/
Committee/Individual
Initials
Remarks
(Originator/
Support)
Mayor /Council
City Manager
originator
Community Development
Treasurer
Clerk, Deputy City Clerk
Police Department
Public Works
Golf Operations
COST IMPACT: n/a
Parks & Recreation
FUNDING SOURCE: n/a
Airport
Library
TIMELINE: n/a
City Attorney
Grant Coordinator
SUMMARY STATEMENT:
After receipt of the FY07
calculated the required minimum
Audited Financial Statements
at the last Council meeting on May
of the City's funds. Resolution 02-4
times. The General Fund is required to
years' average operating budget.
and Library) and the Enterprise
balance of 30% of the three most
to arrive at surplus fund balance in
from property taxes. Remaining cash
taxes and in part from fees and other
is derived entirely from fees for services.
balance calculations and does not
Summary spreadsheet maintained by
8, staff has
establishes
maintain a
The Special
Funds (Golf,
recent years'
each Fund.
balance in
charges for
yet have a
the Finance
fund balances for each
minimum fund balances that
must be maintained at all
40% of the three most recent
Works, Airport, Recreation,
to maintain a minimum fund
minimum fund balance of
Revenue Funds (Streets/Public
Water, and Sewer) are required
average operating budget.
The attached spreadsheets
Surplus fund balance in the
the Special Revenue Funds
services. Remaining cash balance
Staff has not analyzed the
recommendation for the City
Also attached for the Council's
Department.
show the calculations involved
general fund is generally derived
is derived in part from property
in the Enterprise Funds
results of the surplus fund
Council.
review is the Debt
RECOMMENDED ACTION:
No action necessary — Information only.
RECORD OF COUNCIL ACTION
Meeting Date
ACTION
May 8, 2008
AB08-94: Council received the FY07 Audit Report