HomeMy WebLinkAbout18. 15-177
APRIL 14, 2015 15-177 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(CARRIED ___7-0____ LOST _______ LAID OVER _______ WITHDRAWN _______)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 $52,676.93 from the 2014
Budget to the 2015 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 2015 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
O.IHKQIH
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
DATE: Apri13, 2015
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 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 2014. In addition, it keeps Fiscal Year 2015 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 Infovision Software Implementation ($31,500.00)—Although this software for Economic
Development was initiated in 2013, it will be completed in 2015 due to delay in the full
implementation.
o Vandewalle Professional Services agreement($13,170.60)—Zoning Code update project was
initially projected to take two years however, a third year is needed to complete the
comprehensive review.
o Electrical Supplies (,$306.33)—Although these traffic signal materials were ordered in 2014, they
are not expected to arrive until sometime in 2015 due to longer lead times for this type of
purchase.
o Street Lighting Materials ($7,700.00) -Although these items were ordered in 2014, they are not
expected to arrive until sometime in 2015 due to longer lead times for this type of purchase.
These purchases are needed to replenish the inventory that was used in the 2014 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 $52,676.93 is set aside from the budgeted funds
of the previous year as intended in the 2014 budget. This will allow the City to better evaluate the
previous year, as well as the current year, as to overall performance.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted, Approved:
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Trena Larson Mar ohloff
Finance Director City Manager
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