HomeMy WebLinkAbout[04c] Equity DesignationsC OF NT. JOSEPH
MEETING DATE:
AGENDA ITEM:
SUBMITTED BY: Finance
Council Agenda Item 4(d
March 17, 2011
Equity Designations — Requested Action: 2010 Approve Equity
Designations
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: City Council adopted the financial policies at their March 5, 2009 Council
meeting. The fund balance policy was included in the approval.
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
2010, the general fund has enough unreserved equity to designate 35% (4.2 months) of the 2011
general fund expenditure budget. Working capital allows the City to maintain a cash flow until the
property tax settlements and state aids are received.
Other designations presented include remaining capital budgets for facility studies, elections and fire
equipment /operations and EDA capital carry-over. 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:
ATTACHMENTS:
None
Request for Council Action
2010 Equity Designations
REQUESTED COUNCIL ACTION: Approve the equity designations as presented.
4(c):1
4(c):2
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Designated Fund Balance:
General Fund (101,105, 108)
Working Capital Calculation:
11 GF Expenditure Budget
4.2months designated
City of St. Joseph
Equity Designations - General Fund
December 31, 2010
Designated for:
Debt Service Capital Projects Working Capital
150,000.00 402,005.84 931,144.45
150,000.00
2,524,385.00
x35%
883,534.75
Rounded Designation 885,000.00
General Fund Equity at 12/31/10:
Working Capital
885,000.00
City Structure /Study
28,942.76
Elections
27,274.45
Fire Fund Operating
18,870.00
Fire Fund Capital
373,063.08
Fire Fund Debt Relief
150,000.00
Undesignated -101
93,765.99
Undesignated -105
50,672.76
Undesignated -108
37,897.10
Total Undesignated
182,335.85
Total Designated
1,483,150.29
Unreserved fund balance 1,665,486.14
402,005.84
931,144.45
Total
1,483,150.29
1,483,150.29
EDA Capital Carry -Over:
19,131.64
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