HomeMy WebLinkAboutResolution 2022 (40) Resolution No. 40 (2022)
T. CRJ%P,11111 .[ ,NTY RESOLUTION AUTHORIZING FUND BALANCE TRANSFER
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COVER MEMO
TO: County Board of Supervisors
FROM: Ken Witt, County Administrator
DATE: October 4, 2022
AGENDA ITEM: Resolution Authorizing Fund Balance Transfer
BACKGROUND INFORMATION
Every year we analyze the fund balances and make transfers between funds as necessary. We
have a fund balance policy that sets target ranges for the amount of fund balance in each fund.
This year, the recommendation is to take the amount of excess unassigned general fund
balance and transfer to three other funds. The debt service fund to cover a negative fund
balance and to provide the County Administrator with flexibility to offset part of the tax levy.
The RHS fund will need additional cash transferred in to accommodate the grand-fathered
payouts guaranteed in the recent policy change to LTSB payout. Any remaining unassigned
general fund balances are generally transferred into the CIP fund to reduce the need for
future debt issuance.
Resolution No. 40 (2022)
T. CRJ%P,11111 .[ ,NTY RESOLUTION AUTHORIZING FUND BALANCE TRANSFER
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1 WHEREAS, the unassigned general fund balance is over targeted range by $3,845,487;
2 and
3
4 WHEREAS, the CIP fund has planned projects over the next five years and fund balance
5 can be used to reduce the need for additional debt, thereby saving County taxpayers both debt
6 issuance costs and interest expenses in future years; and
7
8 WHEREAS, the Debt Service fund has a negative fund balance of$366,096 that needs
9 to be offset and additional funds in the Debt Service fund provides the County Administrator
10 with tools to help reduce the tax levy; and
11
12 WHEREAS, the Retirement Health Savings (RHS) fund had a policy change this year to
13 help reduce future expenses,but additional funds will be needed to bridge the grand-fathered
14 payouts guaranteed in the policy change.
15
16 NOW, THEREFORE, BE IT RESOLVED that the St. Croix County Board of
17 Supervisors does authorizes a fund balance transfer for the above stated purposes to the accounts
18 listed below:
19
20 General Fund Unassigned Fund Balance 110-0000-000000-59540-00000-00000 debit $3,800,000
21 CIP Fund Balance 405-0000-000000-49210-00000-00000 credit$1,000,000
22 Debt Fund Balance 310-8100-000000-49210-00000-00000 credit$ 800,000
23 RHS Fund Balance 720-1538-000000-49210-00000-00000 credit$2,000,000
Le—gal—Fiscal—Administrative Approvals:
Legal Note:
Fiscal Impact: Transfer between funds reallocates uses of cash reserves.
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Heat er mos,Corporation Counsel 8/25/2022
0SL r1 on, Finance DireVor 8/25/2022
Kc 4at; u y dmin 4V
r r 8/25/2022
09/13/22 Administration Committee APPROVED
RESULT: APPROVED [UNANIMOUS]
MOVER: Bob Long, Supervisor
SECONDER: Scott Counter, Vice-Chair
AYES: Long, Koch, Berning, Feidler, Counter
Vote Confirmation.
Carah Koc Administration,l'iair 9/14/2022
St. Croix County Board of Supervisors Action:
Roll Call -Vote Requirement—Majority of Supervisors Present
RESULT: ADOPTED [18 TO 1]
MOVER: Carah Koch, Supervisor
SECONDER: Dave Ostness, Supervisor
AYES: Lind, Anderson, Long, Leaf, Koch, Adams, Berning, Feidler, Ostness, Counter,
Hansen, Sherley, Tellijohn, Carlson, Barcalow, Swanepoel, VanSomeren,
Ramberg
NAYS: Richard Ottino
This Resolution was Adopted by the St. Croix County Board of Supervisors on October 4,2022
Christine Hines, County Clerk