4.7. SR 12-05-2011REQUEST FOR ACTION
TO ITEM NUMBER
Ma or and Ci Council 4.7.
AGENDA SECTION MEETING DATE PREPARED BY
Consent December 5, 2011 Tim Simon, Finance Director
ITEM DESCRIPTION REVIEWED B~/
Reallocation of Expansion Fee and Transfer to Public Safety Cal Portnex, Ci Administrator
Bonds Debt Service Fund REVIEWED BY
ACTION REQUESTED
1. Council is asked to consider a reallocation of the expansion fee to 100 percent Government
Building Fund effective January 1, 2012.
2. Council is asked to approve annual transfer in the amount of $250,000 from the Government
Building Fund to the Public Safety Bonds Debt Service Fund.
BACKGROUND/DISCUSSION
Currently, the city receives an expansion fee and the funds are allocated 85% Government Building Fund
and 15% Street Improvement Fund. As part of the capital improvement plan process, the City Council
reviewed the 25-year forecast on the Government Building Fund. The Council discussed the reallocation
at the November 21 budget worksession and requested that it come back at a future meeting for action.
In addition, $250,000 will be transferred out from the Government Building Fund each year for the next
10 years starting with the 2012 tax levy to write-down the public safety bonds.
FINANCIAL IMPACT
100% of the expansion fee will be allocated to the Government Building Fund.
ATTACHMENTS
None
Action Motion by Second by Vote
Follow Up
P ®• E l f 11 B Y
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