Discussion:
Please note that the amounts provided are only updated preliminary results, as we will still have journal entries during the course of our annual audit later this month. Each year the City's General Fund is reviewed as part of the closing process as we near the fieldwork portion of our annual audit. The city's fund balance policy for the general Fund targets a 35 to 50 percent unassigned fund balance of the subsequent year's expenditure budget.
Preliminary results show the City's General Fund is adding an estimated $2.4 million in unassigned fund balance.
In the past, any excess fund balance has been directed towards one-time events such as capital improvements and future debt service payments. This year's request is no different. Staff is requesting a General Fund transfer of $1.7 million to the Capital Improvements Fund.