HomeMy WebLinkAbout10. 21-206APRIL 27, 2021 21-206 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(CARRIED __7-0_____ LOST _______ LAID OVER _______ WITHDRAWN _______)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 2020, but not completed in 2020.
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
$3,710,116.49 from the 2020 Budget to the 2021 Budget as fund balance carryovers as
shown on the attached list.
Finance Department
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us
TO: Honorable Mayor and Members of the Common Council
FROM: Jennifer L. Messerschmidt, Assistant Finance Director
DATE: April 22, 2021
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
2020. In addition, it keeps Fiscal Year 2021 clean with respect to budgeted items and
spending.
ANALYSIS
Attached to the Resolution is a list that contains the items included in the requested
Fund Balance Carryovers.
FISCAL IMPACT
The current year’s budget will not be negatively impacted by applying Fund Balance
Carryovers for items that were budgeted in the previous year. Rather, the $3,710,116.49
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 2021 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:
Jennifer L. Messerschmidt Mark Rohloff
Assistant Finance Director City Manager
Fund Name Org Obj Comment Effective Date Debit
General Fund 0100 3440 FOR CONTRACTS & PO's 12/31/2020 $43,958.43
Police - Special Revenue 0215 3440 FOR CONTRACTS & PO's 12/31/2020 $6,000.00
Street Lighting 0223 3440 FOR CONTRACTS & PO's 12/31/2020 $26,718.49
Community Devel Special 0249 3440 FOR CONTRACTS & PO's 12/31/2020 $246,228.49
Contract Control 0321 3440 FOR CONTRACTS & PO's 12/31/2020 $897,888.57
Enterprise CIP 0322 3440 FOR CONTRACTS & PO's 12/31/2020 $1,189,355.37
General Fund CIP 0323 3440 FOR CONTRACTS & PO's 12/31/2020 $965,972.96
Parks Improvement 0325 3440 FOR CONTRACTS & PO's 12/31/2020 $148,291.34
Transit 0511 3440 FOR CONTRACTS & PO's 12/31/2020 $17,325.25
Finance Administration 0522 3440 FOR CONTRACTS & PO's 12/31/2020 $3,172.50
TIF 14 Mercy Medical Center 0534 3440 FOR CONTRACTS & PO's 12/31/2020 $22,304.63
TIF 21 Fox River Corridor 0536 3440 FOR CONTRACTS & PO's 12/31/2020 $46,069.75
TIF 23 SW Ind Park Exp 0540 3440 FOR CONTRACTS & PO's 12/31/2020 $600.00
Water Utility Administration 0541 3440 FOR CONTRACTS & PO's 12/31/2020 $63,765.00
Storm Water Administration 0551 3440 FOR CONTRACTS & PO's 12/31/2020 $3,000.00
Storm Water Administration 0561 3440 FOR CONTRACTS & PO's 12/31/2020 $5,360.00
TIF 35 Oshkosh Ave Corridor 0581 3440 FOR CONTRACTS & PO's 12/31/2020 $5,355.71
TIF 36 Merge Redevelopment 0582 3440 FOR CONTRACTS & PO's 12/31/2020 $18,750.00
TOTAL $3,710,116.49
FUND BALANCE CARRYOVERS