HomeMy WebLinkAbout10-51FEBRUARY 23, 2010 10 -51 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WITHDRAWN )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"
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41
City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
(920) 236 -5080 (920) 236 -5039 FAX
OlHKQfH
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Peggy Steeno, Finance Director
DATE: February 23 2010
RE: Approve Fund Transfers
BACKGROUND
One of the regular steps in the year end process requires an evaluation of the overall spending from the
year (2009). In doing so, all accounts are evaluated by the amounts over or under against the respective
budget. The transfer process includes utilizing funds from accounts that were under spent to support the
accounts that were over spent. Because this effectively alters the previous year's budget, Council
approval is required in accordance with Section 12 -3 of the Municipal Code.
ANALYSIS
Below is a preliminary (unaudited) summary analysis of the General Fund for the 2009 Fiscal Year:
Percent
Budget Actua Positive /(Negative) Variance
Expenditures $40,565,426 $40,243,167 $322,259 0.8%
Revenues $40,565,426 $41,107,634 $542,208 1.3
Net Surplus / (Shortfall) $864,467
By way of details, even though the overall expenditures are under budget by $322,259, there are a few
divisional budgets that are overspent, and supported by other divisional budgets, per the attached listing
(EXHIBIT A). The following items are the major contributors to the overspent items: Retirement
Payouts, Repairs to Motor Vehicles, Wages /Benefits, Materials & Supplies, Repair Parts, Utilities,
Contractual Services, and Advertising & Marketing.
On the revenue side, the major contributors to the surplus of $542,208 are the following: an increase in
Engineering Fees due to a number of 2008 projects being completed in 2009, an increase in Ambulance
Revenues, an increase Parking Violation Revenues, and FEMA reimbursements from the 2008 Flooding
Emergency.
FISCAL IMPACT
Aside from the information in the Analysis section indicating a net surplus of $864,467, for 2009, there
is no direct financial impact related to the Fund Transfer. Rather, it is an accounting function that
reconciles the budget to the actual numbers for the 2009 Fiscal Year.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted,
eVS
Finance Director
Approved:
M�arRohloff
City Manager