Title
Ordinance in the Amount of $774,145 Establishing Street and Sidewalk Revolving Fund Budget to Close the Fund and to Transfer Remaining Balances to the Street and Sidewalk Capital Project Fund
Body
Department: Financial and Administrative Services
Council District: N/A
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Marlene Druga, Deputy Finance Director 373-2077
PURPOSE: The Financial and Administrative Services Department has determined that the Street and Sidewalk Revolving Fund is no longer needed, had no activity budgeted in FY14-15, and can be closed at this time. The remaining fund balance of $774,145 should be transferred to the Street and Sidewalk Capital Project Fund to continue to provide sufficient cash to fund capital projects in which the State participates on a reimbursement basis.
BACKGROUND: The Street and Sidewalk Revolving Fund was originally established to repair and/or construct streets and sidewalks. This activity was mainly funded by street and sidewalk assessments and interest earnings. The Fund also accounted for the Red Light Camera Project and related settlement costs. Assessment revenue, which is now relatively low at less than $10,000 annually, will be deposited in the Street and Sidewalk Capital Project Fund.
BUDGET IMPACT: In accordance with generally accepted accounting principles, a budget is required to close a fund and transfer its balance to another fund. The proposed budget ordinance that is attached will provide for the closure and subsequent transfer of fund balance from the Street and Sidewalk Revolving Fund to the Street and Sidewalk Capital Project Fund and will provide funding of future street and sidewalk capital projects.
RECOMMENDATION / ACTION REQUESTED:
The Financial and Administrative Services Department recommends that City Council approve the attached budget ordinance establishing the FY 14-15 Street...
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