HomeMy WebLinkAbout06. 16-187APRIL 26, 2016 16-187 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(CARRIED __7-0_____ LOST _______ LAID OVER _______ WITHDRAWN _______)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 all
anticipated transactions for 2015 have been completed, now therefore be it resolved
the that 2015 budget year be closed, no budget transfers being necessary.
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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
MEMORANDUM
Honorable Mayor and Members of the Common Council
Trena Larson, Finance Director
Apri120, 2016
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 2015. In addition, it keeps Fiscal Year 2016 clean with respect to budgeted
items and spending.
ANALYSIS
All transactions which were anticipated to be applied in the 2015 budget year have been posted in Fiscal
Year 2015, therefore there are no Fund Balance requests for this year.
FISCAL IMPACT
By doing Fund Balance Reservations for items that were budgeted in the previous year but not posted
ensures the current year's budget is not negatively impacted by item(s) being carried forward. This
process allows 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,
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Trena Larson
Finance Director
Approved:
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Mark Rohloff
City Manager