HomeMy WebLinkAbout06. 18-491 SEPTEMBER 25, 2018 18-491 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE GENERAL FUND ONE-TIME TRANSFER TO OTHER
FUNDS
INITIATED BY: CITY ADMINISTRATION
WHEREAS, the City has completed its annual audit which identified funds which
have not had sufficient revenue to meet previous expenditures which have continued to
carry forward a negative cash position which otherwise would require yearly transfers
of funds;
WHEREAS, it is expedient to bring these funds to a neutral balance:
Community Traffic Safety Grant (0213) — ($395.00)
Leach Amphitheater (0256) — ($38,288.64)
Public Works Special Fund (0257) — ($8,070.92)
Street Tree (0333) — ($7,376.82)
Total ($54,131.38)
WHEREAS, the requirements for the Community Traffic Safety Grant have been
completed and this fund will become inactive after this transfer is complete.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the appropriate city staff is hereby authorized and directed to transfer
$54,131.38 to the above-identified funds and to take such other action as necessary to close
the Community Traffic Safety Grant fund.
,
qosl
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
DATE: September 19, 2018
RE: Approve General Fund One -Transfers to Other Fund(s)
BACKGROUND
Following the conclusion of the Annual Audit, and the presentation of the Comprehensive Annual
Financial Report (CAFR), Finance has conducted a comprehensive review of the year-end fund
balances for all funds. After reviewing the end of year fund balances and current year revenue and
expenses, it has been determined that transfers are necessary to bring certain fund balances to a neutral
position.
ANALYSIS
Community Traffic Safety Grant (0213) - Fund transfer of $395.00 is necessary. This Fund was
established for the Community Traffic Safety Grant. Due to unreimbursed expenditure(s) a fund
transfer is required to close out this fund.
Leach Amphitheater (0256) - Fund transfer of $38,288.64 is necessary. This is necessitated from the
2008 acquisition of equipment for the concessions from the prior operator; a transfer is necessary to
bring this fund to a neutral position.
Public Works Special Fund (0257) - Fund transfer of $8,070.92 is necessary. To clear out a balance from
a prior program.
Street Tree (0333) - Fund transfer of $7,376.82 is necessary. This fund was established for a memorial
tree program. When these trees and memorial plaques require replacement, this cost was being
expensed to this fund causing the negative balance. Donors are now advised that the City of Oshkosh
is not responsible for replacing dead/dying trees or plaques that may be vandalized or damaged.
FISCAL IMPACT
The proposed transfers will reduce the unassigned fund balance of the General Fund $54,131.38. This
action will reduce the liability - due to other funds in the annual audit.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted, Approved:
Trena Larson Mark Rohloff
Finance Director City Manager