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7 Of <br />RILNEW <br />BPdGHTON <br />the city that works for you <br />Report Number <br />Agenda Section <br />Council Meeting Date <br />REQUEST FOR COUNCIL CONSIDERATION <br />08-262 <br />VI -3 <br />September 23, 2008 <br />ITEM DESCRIPTION: Resolution Amending the 2008 General Fund Budget for the <br />transfer of $225,160 to the Community Reinvestment Fund <br />DEPARTMENT HEAD'S APPROVAL: <br />CITY MANAGER'S APPROVAL: O� <br />No comments to supplement this report L1.1 Comments attached <br />Recommendation: <br />To waive the reading and adopt the RESOLUTION AMENDING THE 2008 GENERAL FUND <br />BUDGET FOR THE TRANSFER OF $225,160 TO THE COMMUNITY REINVESTMENT <br />FUND. <br />Legislative History: During the June 24, 2008 City Council Worksession, the operating results <br />of the General Fund for the year ending December 31, 2007, were discussed, along with the <br />General Fund's fund balance and its status compared to our Fund Balance Policy's targeted <br />balance. A transfer from the General Fund to the Community Reinvestment Fund for $225,160 <br />was authorized at that time. <br />Financial Impact: Both the cash balance and the fund balance of the General Fund have been <br />decreased by the amount of the transfer. Both the cash balance and the fund balance of the <br />Community Reinvestment Fund have been increased by the amount of the transfer. <br />Explanation: This is simply a "housekeeping" item. The transfer has been made as authorized; <br />however, the 2008 General Fund Budget should also be amended to reflect the change. <br />Dan Maiers <br />Finance Director <br />0 <br />