HomeMy WebLinkAbout[04d] Equity DesignationsCM OF ST. josp ml
MEETING DATE:
AGENDA ITEM:
SUBMITTED BY:
Council Agenda Item i 6
March 4, 2010
Equity Designations — Requested Action: 2009 Approve General Fund
Equity Designation
Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: City Council adopted the financial policies at their March 5,
2009 Council meeting.
BACKGROUND INFORMATION: The fund balance policy included in the financial policy book
states the City will maintain an unreserved fund balance of 35 -50% of the budgeted expenditures in the
general fund. The City's goal is 35 -50% (3 -6 months) designated for working capital in the general fund.
For 2009, the general fund has enough unreserved equity to designate 35% (4 months) of the general fund
expenditure budget.
Other designations presented include remaining capital budgets for facility studies, elections and fire
equipment/operations. The fire department also designates $150,000 annually for future debt service.
The designations represent unspent budget dollars set aside in the 5 -year capital improvement plan.
BUDGET/FISCAL IMPACT: None
ATTACHMENTS: 2009 General Fund Equity Designations
REQUESTED COUNCIL ACTION: Approve the General Fund equity designation as presented.
4(d):I
City of St. Joseph
Equity Designations - General Fund
December 31, 2009
Designated Fund Balance:
Designated for:
Debt Service
Capital Projects Working Capital Total
General Fund (101, 105, 108)
150,000.00
339,688.51 886,903.39 1,376,591.90
150,000.00
339,688.51 886,903.39 1,376,591.90
Working Capital Calculation:
10 GF Expenditure Budget
2,380,435.00
4 months designated
x35%
833,152.25
Rounded Designation
835,000.00
General Fund Equity at 12/31/08:
Working Capital
835,000.00
City Structure /Study
28,942.76
Elections
31,903.39
Fire Fund Operating
20,000.00
Fire Fund Capital
310,745.75
Fire Fund Debt Relief
150,000.00
Undesignated - 101
192,632.69
Not final number until audit is complete.
Undesignated - 105
71,699.70
Not final number until audit is complete.
Undesignated - 108
28,267.12
Not final number until audit is complete.
Total Undesignated
292,599.51
Total Designated
1,376,591.90
Unreserved fund balance
1,669,191.41
4(d):2