Title
Report regarding the transfer of $8.5 million from General Fund surplus fund balance to the Infrastructure Reserves fund as recommended in the Mid-Year Financial update (Presenter Name)
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RECOMMENDATION
Recommendation
It is recommended that the City Council approve the transfer of $8.5 million from General Fund surplus fund balance to the Infrastructure Reserves fund.
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BACKGROUND/DISCUSSION
At the Mid-Year Financial update given by the City’s Finance Director to the City Council on February 23rd, 2022, it was recommended in the verbal presentation and staff report that $8.5 million of the General Fund surplus fund balance be transferred to the Infrastructure Reserves fund. Acceptance of the Mid-Year staff report and passing of the associated resolution strongly suggested acceptance of this specific recommendation but the resolution did not expressly state this transfer was approved. The purpose of this staff report and resolution is to confirm Council’s intent and to authorize transfer of said funds to the Infrastructure Reserves.
FISCAL IMPACT
There are no appropriation requests in this item, just a transfer of $8.5 million from one fund to another (General Fund to Infrastructure Reserve Fund). There is no net financial impact.
RELATIONSHIP TO STRATEGIC PLAN
Financial Stability
CONCLUSION
It is recommended that the City Council approve this item for the transfer of $8.5 million from General Fund surplus fund balance to the Infrastructure Reserves fund in line with the recommendation provided by the Finance director at the Mid-Year financial update to City council on February 23rd, 2022.