HomeMy WebLinkAbout09-55FEBRUARY 24, 2009 09 -55 RESOLUTION
(CARRIED 7 -0 LOST LAID OVER
PURPOSE: APPROVE FUND TRANSFERS
INITIATED BY: DEPARTMENT OF FINANCE
WITHDRAWN )
BE IT RESOLVED by the Common Council of the City of Oshkosh that the proper
City officials are hereby authorized and directed to transfer:
See Attached Exhibit "A"
City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
(920) 236 -5080 (920) 236 -5039 FAX
OJ
ON THE WATER _
TO: Honorable Mayor and Members of the Common Council
FROM: Peggy Steeno, Finance Director
DATE: February 19, 2009
RE: Approve Fund Transfers
BACKGROUND
One of the steps in the year end process requires an evaluation of the overall spending from the year
(2008). In doing so, all accounts are evaluated based on the amount over or under the budget. The
transfer process includes using funds from accounts that were under spent, along with revenues collected
in excess of the budget, to support the accounts that were overspent. Because this effectively alters the
previous year's budget, Council approval is required in accordance with Section 12 -3 of the Municipal
Code.
ANALYSIS
MEMORANDUM
Below is a preliminary (unaudited) summary analysis of the General Fund for the 2008 Fiscal Year:
Budget
Actua
Percent
Positive /(Negative,) Variance
Expenditures
Revenues
$39,232,838
$39,232,838
$39,844,262
$39,827,707
Net Surplus / (Shortfall)
($611,424) (1.56%)
$594,869 1.52%
($16,555)
The resolution requesting the Funds Transfer includes the details of those accounts that came in over
budget estimates as well as those that came in under budget estimates. Overall, $1,286,321 is needed to
cover the items that came in over budget. There is $674,897 available from accounts that came in under
budget and $594,869 available from offsetting 2008 revenues to support the vast majority of the
expenditures in excess of budget. This leaves $16,555 that will need to come from Fund Balance.
By way of details, the following items are the major contributors to the overspent items: Sodium
Chloride (Road Salt) - $123,809, Diesel Fuel - $184,105, Gasoline - $24,510, Midwest Properties
Assessment Settlement - $226,868, and Repairs to Motor Vehicles - $89,387. In addition, the union
contract settlements as a result of arbitration decisions also factored into the overall total shortfall.
On the revenue side, the major contributors to the $594,869 of revenues in excess of budget are: "Public
Enemy" filming reimbursements - $167,801, FEMA reimbursements - $263,299, and an increase in
Ambulance Revenues - $201,344.
FISCAL IMPACT
Aside from the information in the Analysis section indicating the need to utilize $16,555 of Fund
Balance, for 2008, there is no direct financial impact related to the Fund Transfer. Rather, the Fund
Transfer is an accounting function that reconciles the budget to the actual numbers for the 2008 Fiscal.
Year.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted,
dn -ep 7 o
eno
Finance Director
Approved:
Mark Rohloff
City Manager
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