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City Council Meeting Agenda
Authorizing Prior Year General Fund Transfers As Advances
Council Committee Review?:
Date(s) of Committee Review:
Agenda Item Description or Legislation Title
A Resolution Authorizing The Finance Director To Identify Those Certain Transfers Made From The General Fund As Advances And Providing For The Return Of Those Advances To The General Fund, Declaring The Intent Of Council, And Declaring An Emergency.
Purpose and Background
Certain capital improvement projects, especially street construction projects, are often funded by grants or revenue from bonds or notes. Grants usually require the recipient to begin paying for the improvement before grant monies are disbursed. Consequently, Council has fronted monies into the capital funds until a stream of income is received by those funds. The fronted monies are processed as advances from the General Fund. In reviewing and closing out some street construction projects, it was found that the original fronted monies for some of the projects were processed as transfers and not advances. This legislation declares the intent of Council that those transfers from the General Fund were actually advances and therefore need to be paid back to the General Fund.
Source of Funds:
Recurring Cost? (Yes/No):
Funds Available in Current Budget? (Yes/No):
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