HomeMy Public PortalAboutAB 10-167 Fund BalanceMcCALL CITY COUNCIL
AGENDA BILL
Number
Meeting Date
AB 10-167
July 22, 2010
216 East Park Street
McCall, Idaho 83638
AGENDA ITEM INFORMATION
SUBJECT:
FY09 Fund Balances
Department Approvals
Initials
Originator
Or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
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originator
Community Development
Police department
Public Works
Golf Course
COST IMPACT:
Parks and Recreation
FUNDING SOURCE:
Airport
Library
TIMELINE:
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Each year after the annual audit, staff uses the audited financial statements and Resolution 02-04 to
calculate `surplus fund balances' for the governmental funds and `surplus cash balances' for the enterprise
funds. Those calculations have been completed for FY09. Internal balances have also been calculated. The
attached memo discusses the FY09 Fund Balance and Surplus Cash Balance calculations.
Forgiving the internal balances will more accurately and transparently reflect the true fund balance of the General
Fund. Forgiving the Sewer Fund long-term internal balance (related to Wausau) and the short-term internal
balance from the Golf Fund will not affect the cash position of the City. It will, however, improve the cash
position of the Golf Fund.
Staff understands that the intent of Council was to give the Sewer Fund all available fund balance, forgone
amounts, and property tax increases in FY08 to satisfy the Wausau Judgment. Forgiving the Golf Fund short-term
internal balance will formally recognize the support that the General Fund has been giving the Golf Fund over the
last few years and will provide a more accurate calculation of the `surplus fund balances' and `surplus cash
balances' at the end of the year.
RECOMMENDED ACTION:
Forgive the short-term internal balance owed by Golf Fund to the General Fund, and the Wausau Judgment
portion of the long-term internal balance owed by the Sewer Fund to the General Fund.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION