REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Dave Kiff, Interim City Manager
PREPARED BY: Chuck Adams, Interim Chief Financial Officer
Subject:
title
Approve Fiscal Year 2018/19 Year-End Budget Adjustment and Inter-Fund Transfers
body
Statement of Issue:
The Finance Department is currently undergoing the year-end closing process for Fiscal Year 2018/19. Certain technical adjustments and fund transfers are needed to reconcile the budget with actual expenditures incurred, and to comply with auditing, actuarial, accounting or legal requirements. City Council authorization is requested to perform these reconciliations in order to properly close Fiscal Year (FY) 2018/19. There are sufficient revenues, available cash, and/or fund balances to support these adjustments.
Financial Impact:
This action:
1. Approves the appropriation and transfer of $1.0 million from the General Fund year-end balances to the City's long-term pension obligations reducing the City's Net Pension Liability. The $1.0 million will be reflected in the City's PARS Section 115 Trust with an approximate balance of $7.0 million at June 30, 2019.
2. Approves the inter-fund transfers of $1.0 million from the General Fund year-end balances to provide additional funding of $850,000 to the Technology Fund (323); and $150,000 to the Retiree Supplemental Fund (703) to match total fund payments in FY 2018/19.
3. Approves increasing appropriations of $1.08 million to the Retirement Supplemental Fund (703) from the General Fund year-end balances to equal total fund payments paid in FY 2018/19.
Recommended Action:
recommendation
A) Approve the appropriation and transfer of $1.0 million into the Section 115 Trust from the General Fund year-end balances. (See Attachment 1); and,
B) Approve appropriation and transfer of $850,000 from the General Fund year-end balances to the Fiscal Year 2018/19 Revised Budget in the Technology Fund (323) and...
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