HomeMy WebLinkAboutFS 2009-04-07 Item 2D - Discussion - General Fund Contribution to Equipment Rental FundTO:
FROM: Shawn Hunstock, Finance Directo
DATE: April 1, 2009
SUBJECT: General Fund Contribution to Equipment Rental Fund
ISSUE
Given the current economic condition the City finds itself in, the administration is looking
for ways to reduce the overall level of expenditures in the General Fund. One of the
ideas being considered is not funding the equipment replacement contribution from the
General Fund to the Equipment Rental Fund for 2009, which would save $464,964. This
expenditure reduction would not affect the General Fund contribution to the Equipment
Rental Fund for operations and maintenance, which totals $1,115,298 for 2009.
BACKGROUND
The Equipment Rental fund (501) ended 2007 with over $3.3 million in cash, $6.1
million in Net Assets and $3.4 million in unrestricted fund balance. Preliminary estimates
for 2008 show revenue of $2.3 million and expenditures of $2.4 million, meaning the
cash and fund balance did not change substantially during 2008. During the last five
years, the Equipment Rental fund earned over $589,000 in investment income.
DISCUSSION
The attached Authorization for Transfer of Funds will move the budgeted equipment
replacement contributions for the General Fund out of individual departments and into
Department 20 to segregate the cost savings and prevent this amount from being spent.
Budgeted revenue for the Equipment Rental Fund will not be adjusted at this time until it
can be determined if this amendment is temporary or permanent.
RECOMMENDATION
The Council is being asked to approve the Authorization for Transfer of Funds and
consider this item at the April 7, 2009 Finance and Safety Committee meeting, the April
13, 2009 Committee of the Whole meeting and subsequent April 20, 2009 Regular
Meeting.
ATTACHMENTS
City of Tukwila
Mayor Haggerton
Rhonda Berry
Finance and Safety Committee
Authorization for Transfer of Funds form
INFORMATIONAL MEMORANDUM
Jim Haggerton, Mayor
Department: Finance Department Date: April 1, 2009
Under the provisions of Ordinance No. 2221, the follozving transfer of funds within the budget class is requested:
From:
To:
the
City of Tukwila
AUTHORIZATION FOR
TRANSFER OF FUNDS
Budget Line Item Number/ BAR
000.03.513.100.45.94 Mayor's Office
000.07.574.100.45.94 Parks Rec
000.07.574.200.45.94
000.08.558.100.45.94 DCD
000.08.558.600.45.94
000.10.521.100.45.94 Police
000.10.521.210.45.94
000.10.521.220.45.94
000.10.521.250.45.94
000.10.521.700.45.94
000.11.522.100.45.94 Fire
000.11.522.200.45.94
000.11.522.300.45.94
000.11.522.400.45.94
000.11.522.601.45.94
000.13.518.300.45.94 Public Works
000.13.532.100.45.94
000.13.532.101.45.94
000.13.532.200.45.94
000.15.576.800.45.94 Parks Maint.
000.16.543.300.45.94 Streets Div.
Total
Budget Line Item Number/ BAR
000.20.291.840.00.00 End Fund Balance
Total
APPROVED BY THE DEPARTMENT HEAD:
Signature:
APPROVED BY THE MAYOR:
Signature:
CO:ksn 4/1/2009
464,964
Detailed justification for transfer: Remove General Fund contribution for 2009 to the Eauipment Rental Fund.
APPROVED BY THE TUKWILA CITY COUNCIL AT A MEETING THEREOF:
day of 20
464,964
Date:
Date:
Amount
9,323
2,247
14,358
6,987
3,804
16,985
22,737
119,886
4,994
13,206
30,028
4,564
17,474
5,081
6,811
10,864
2,455
4,134
1,929
30,106
136,991
Amount
464,964