Title
Presentation and Continued Discussion: Unassigned General Fund Reserve Balance - considerations for funding
Body
Issue/Request:
Presentation and Continued Discussion: Unassigned General Fund Reserve Balance - considerations for funding
Staff will provide an update on progress that has been made since receiving committee direction to pursue identified initiatives.
Key Issues:
This is a continued discussion and consideration of suggestions that have been compiled for the potential use of unallocated general fund reserve funding. Per the General Fund Reserve Guidelines, the City Manager is to present suggestions and recommendations for appropriate use of the funds for expenditures considered to be one-time in nature.
Per the established guidelines, the unassigned general fund reserve balance above the 35% cap, is $11,057,672.55. The use of unassigned general fund reserve resources may be appropriated by a majority vote of the City Council for expenditures considered to be one-time in nature. At the February 16, 2024 special Finance and Budget Committee meeting, the Finance and Budget Committee unanimously recommended approval of directing $7M of the unassigned general fund reserve balance above the 35% cap toward the Downtown Market Plaza project. With the $7M recommendation approved by the Mayor and Council for the Downtown Market Plaza project, the remaining amount of unassigned general fund reserve is $4,057,672.55. Attached to this packet is a tracking spreadsheet containing the various suggestions/recommendations for consideration of funding through the general fund reserve balance.
Background:
In September of 2023, the Mayor and City Council amended the unassigned General Fund Reserve balance guidelines which established a process by which to consider use of funds from the General Fund Reserve balance. The ordinance establishing the guidelines and the process to consider use of general fund reserve resources, as well as the calculation to determine the general fund reserve balance is attached to this packet.
Presenter
Mark Dunning, City Manager