HomeMy WebLinkAbout05. 20-145 APRIL 14, 2020 20-145 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE FUND BALANCE CARRYOVERS
INITIATED BY: DEPARTMENT OF FINANCE
WHEREAS, it is necessary to approve fund balance carryovers for projects that
were budgeted in 2019, but not completed in 2019.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the proper City Officials are hereby authorized and directed to transfer
$10,487,462.40 from the 2019 Budget to the 2020 Budget as fund balance carryovers as
shown on the attached list.
FUND BALANCE CARRYOVERS
Fund Name Org Obj Comment Effective Date Debit
Enterprise Capital Fund 0322 3460 FOR CONTRACTS 12/31/2019 $3,792.89
Enterprise Capital Fund 0322 3460 FOR PURCHASE ORDERS 12/31/2019 $2,224,506.08
Finance Administration 01000071 3460 FOR PURCHASE ORDERS 12/31/2019 $49,179.91
Sanitation Division 02120470 3460 FOR PURCHASE ORDERS 12/31/2019 $24,048.75
Street Lighting 02230460 3460 FOR PURCHASE ORDERS 12/31/2019 $17,792.20
Fire Special Revenue 02350230 3460 FOR PURCHASE ORDERS 12/31/2019 $26,409.05
Contract Control 03210410 3460 FOR CONTRACTS 12/31/2019 $4,952,368.95
Contract Control 03210410 3460 FOR PURCHASE ORDERS 12/31/2019 $467,676.45
Finance Administration 03230071 3460 FOR CONTRACTS 12/31/2019 $1,057,472.80
Finance Administration 03230071 3460 FOR PURCHASE ORDERS 12/31/2019 $1,265,036.70
Parks Improvement 03250610 3460 FOR CONTRACTS 12/31/2019 $54,924.30
Parks Improvement 03250610 3460 FOR PURCHASE ORDERS 12/31/2019 $14,929.19
TIF 14 Mercy Medical Center 05221040 3330 FOR PURCHASE ORDERS 12/31/2019 $4,670.00
TIF 19 NW Ind Park Exp 05281040 3330 FOR CONTRACTS 12/31/2019 $33,311.08
TIF 20 South Shore Redev 05341040 3330 FOR PURCHASE ORDERS 12/31/2019 $99,249.35
TIF 21 Fox River Corridor 05361040 3330 FOR CONTRACTS 12/31/2019 $121.80
TIF 21 Fox River Corridor 05361040 3330 FOR PURCHASE ORDERS 12/31/2019 $46,069.75
TIF 23 SW Ind Park Exp 05401040 3330 FOR PURCHASE ORDERS 12/31/2019 $3,900.00
Water Utility Administration 05411810 3330 FOR CONTRACTS 12/31/2019 $82,183.72
Storm Water Administration 05612010 3330 FOR CONTRACTS 12/31/2019 $9,581.27
Storm Water Administration 05612010 3330 FOR PURCHASE ORDERS 12/31/2019 $26,256.81
TIF 35 Oshkosh Ave Corridor 05811040 3330 FOR PURCHASE ORDERS 12/31/2019 $23,981.35
14
oT4
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Russ Van Compel, Finance Director
DATE: April 6,2020
RE: Approve Fund Balance Carryovers
BACKGROUND
A Fund Balance Carryover preserves funds from the prior year budget,before closing the year,
for specific items that were budgeted,but not able to be spent during the fiscal year. This is part
of the year end evaluation process and it accomplishes two things: it allows funds from the
previous year to be carried forward to fund specific items that were budgeted and needed and it
gives a truer picture of the year-end Fund Balance for 2019. In addition, it keeps Fiscal Year
2020 clean with respect to budgeted items and spending.
ANALYSIS
Included with the resolution is a list that contains the items included in the requested Fund
Balance Carryovers.
FISCAL IMPACT
By applying Fund Balance Carryovers for items that were budgeted in the previous year, the
current year's budget will not be negatively impacted. Rather, the $10,487,462.40 is set aside
from the budgeted funds of the previous year to create a reserve line for items which were not
anticipated when preparing the 2020 budget. This will allow the City to better evaluate the
previous year, as well as the current year, and lead to overall improved financial performance.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted, Approved:
A /
/�
Russ Van Compel Mark Rohloff
Finance Director City Manager
Finance Department
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5005 hitp://www.ci.oshkosh.wi.us
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Russ Van Gompel, Finance Director
DATE: April 6, 2020
RE: Approve Fund Balance Carryovers
BACKGROUND
A Fund Balance Carryover preserves funds from the prior year budget, before closing the year,
for specific items that were budgeted,but not able to be spent during the fiscal year. This is part
of the year end evaluation process and it accomplishes two things: it allows funds from the
previous year to be carried forward to fund specific items that were budgeted and needed and it
gives a truer picture of the year-end Fund Balance for 2019. In addition, it keeps Fiscal Year
2020 clean with respect to budgeted items and spending.
ANALYSIS
Included with the resolution is a list that contains the items included in the requested Fund
Balance Carryovers.
FISCAL IMPACT
By applying Fund Balance Carryovers for items that were budgeted in the previous year, the
current year's budget will not be negatively impacted. Rather, the $10,487,462.40 is set aside
from the budgeted funds of the previous year to create a reserve line for items which were not
anticipated when preparing the 2020 budget. This will allow the City to better evaluate the
previous year, as well as the current year, and lead to overall improved financial performance.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted, Approved:
Russ Van Gompel V Mark Rohloff
Finance Director City Manager
Finance Department
City Hall,215 Church Avenue P.O. Box 1130 Oshkosh,WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us