HomeMy WebLinkAbout15. 14-156
APRIL 8, 2014 14-156 RESOLUTION
(CARRIED __7-0_____ LOST _______ LAID OVER _______ WITHDRAWN _______)
PURPOSE: APPROVE FUND BALANCE RESERVATIONS
INITIATED BY: DEPARTMENT OF FINANCE
BE IT RESOLVED by the Common Council of the City of Oshkosh that the proper
City Officials are hereby authorized and directed to transfer $91,976.50 from the 2013
Budget to the 2014 Budget to fund specific items as outlined on the attached Exhibit A.
BE IT FURTHER RESOLVED that the proper City Officials are hereby authorized
and directed to adjust the 2014 Budget to cover the specified items.
City of Oshkosh
Finance Department
215 Church Ave., PO Box 1130
Oshkosh, WI 54903 -1130
(920) 236 -5080 (920) 236 -5039 FAX
OlHKOIH
ON 7HE WATER - -
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Tara J. Wendt, Assistant Finance Director
DATE: April 8, 2014
RE: Approve Fund Balance Reservations
BACKGROUND
A `Fund Balance Reservation' 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 fluids 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 2013. In addition, it keeps Fiscal Year 2014 clean with respect to budgeted
items and spending.
ANALYSIS
Below is a list of the items included in the requested Fund Balance Reservation, along with the cost and
reason for the requests:
o Police 2013 Work Study Costs ($2, 000.00) — Although this item was initiated in 2013, it is not
expected that we will be invoiced for our share of the costs until sometime in 2014.
o Police Practice Ammo ($8,250.00) —Although this item was ordered in 2013, it is not expected
to arrive until sometime in 2014 due to longer lead times for this type of purchase.
o Economic Development Landscape Architect Professional Services ($5, 000.00) —Although this
was initiated in 2013, it is not expected to be completed until sometime in 2014 due to the nature
of the service.
o Economic Development Southshore Redevelopment Market Feasibility Study ($20, 000.00) —
Although this was initiated in 2013, it is not expected to be completed until sometime in 2014
due to the nature of the service.
o Economic Development Marketing /Promotion ($25, 000.00) —Although this was approved as an
appropriation by Council in 2013, it is not expected that the long -term matching funds by the
marketing group collaboration will be resolved until sometime in 2014.
o Street Lighting Materials ($31,72650) -Although these items were ordered in 2013, they are not
expected to arrive until sometime in 2014 due to longer lead times for this type of purchase.
These purchases are needed to replenish the inventory that was used in the 2013 construction
season as well as other repairs that were needed.
FISCAL IMPACT
By doing Fund Balance Reservations for items that were budgeted in the previous year, we will not
negatively impact the current year's budget. Rather, the $91,976.50 is set aside from the budgeted funds
of the previous year as intended in the 2013 budget. This will allow the City to better evaluate the
previous year, as well as the current year, as to overall performance.
I 1 /_Ilt l � � _F .1y _ INkI
Staff recommends that Council adopt this resolution.
Respectfully Submitted,
A)
Tara J. Wendt
Assistant finance Director
Approved:
Mary Rohloff
City Manager
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