HomeMy WebLinkAbout11-58FEBRUARY 22, 2011 11 -58 RESOLUTION
(CARRIED 6 -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WITHDRAWN )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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City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
(920) 236 -5080 (920) 236 -5039 FAX
O.IHKO rH
ON THE WATER
TO: Honorable Mayor and Members of the Common Council
FROM: Peggy Steeno, Finance Director
DATE: February 22, 2011
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 (2010). 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
MEMORANDUM
Below is a preliminary (unaudited) summary analysis of the General Fund for the 2010 Fiscal Year:
Budget
Actua
Percent
Positive/(Negative) Variance
Expenditures $41,711,000 $40,599,501
Revenues $41,711,000 $41,337,044
Fund Balance Reservations per Resolution 11 -59
Reservation for Garbage Collection Vehicle in 2012
Other Miscellaneous 2010 Budgeted Purchases
Not Completed in 2010
Net Surplus / (Shortfall)
S1,111,499 2.66%
($373,956) (0.90%)
($240,000)
($35,481)
$462,062 1.10%
By way of details, even though the overall expenditures are under budget by $1,111,499, 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: Contractual
Services, Wages (due to transfer between a levy fund and the general fund and budget to actual
differences in other areas), Materials and Supplies, Contractual Employment, Repairs to Motor Vehicles,
Repair Parts, and Uncollectible Accounts Receivables.
On the revenue side, revenues were almost on budget, only varying by 0.90 %. The major contributors to
the shortage of $373,956 are collecting less interest income, fines, and permit revenue than budgeted.
After applying the fund balance reservations of $275,480.87, as outlined in Resolution 11 -59, we are
estimating that we will be adding approximately $462,062, or 1.10 %, to the undesignated fund balance
as a net result of 2010 fiscal operations.
Please note that these are preliminary numbers only since we are still in progress with closing out fiscal
year 2010. While I do not anticipate these numbers changing substantially, there may be additional
adjustments that will be entered.
FISCAL IMPACT
Aside from the information in the Analysis section indicating a net surplus of $462,062, for 2010, 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 2010 Fiscal Year.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted,
egg�eno
Finance Director
Approved:
Mark Rohloff
City Manager