HomeMy WebLinkAboutResolution 2023 (33)
Resolution No. 33 (2023)
RESOLUTION REALLOCATING FUND BALANCE
COVER MEMO
TO: County Board of Supervisors
FROM: Ken Witt, County Administrator
DATE: October 3, 2023
AGENDA ITEM: Resolution Reallocating Fund Balance
______________________________________________________________________________
BACKGROUND INFORMATION
A review of fund balances across the County financial picture show good ranges and trends. The
unassigned general fund balance is over target by $1.7 million. Smaller than prior years, but still
a positive direction. Recommended uses for unassigned fund balance over target usually starts
with reallocation to the CIP fund. Currently the CIP fund is healthy with $7 million allocated from
ARPA dollars. Second recommendation is to reallocate to the Debt Service fund as a means for
the County Administrator to reduce the tax levy.
In addition this year, I am recommending keeping some of the fund balance in reserve for a
2024 project we have been working on. We are working through the final stages of a revised
wage grid. While too late to incorporate into the 2024 budget cycle, reserving fund balance will
allow for implementation at some point during 2024, instead of waiting for the 2025 budget.
Resolution No. 33 (2023)
RESOLUTION REALLOCATING FUND BALANCE
1 WHEREAS, the unassigned general fund balance is over targeted range by $1,705,176;
2 and
3
4 WHEREAS, allocating additional resources to the Debt Service fund provides the
5 County Administrator with tools to help reduce the tax levy; and
6
7 WHEREAS, the additional unassigned fund balance will be held in reserve for potential
8 use to implement an updated wage grid in 2024.
9
10 NOW, THEREFORE, BE IT RESOLVED that the St. Croix County Board of
11 Supervisors does authorizes a fund balance transfer for the above stated purposes to the accounts
12 listed below:
13
14 General Fund Unassigned Fund Balance 110-0000-000000-59540-00000-00000 debit $900,000
15 Debt Fund Balance 310-8100-000000-49210-00000-00000 credit $900,000
Legal – Fiscal – Administrative Approvals:
Legal Note:
Fiscal Impact: Reallocation of fund balance impacts the balance sheet side of various funds.
09/12/23 Administration Committee RECOMMENDED
RESULT: RECOMMENDED \[UNANIMOUS\]
MOVER: Bob Feidler, Supervisor
SECONDER: Bob Long, Supervisor
AYES: Long, Koch, Berning, Feidler, Counter
Vote Confirmation.
St. Croix County Board of Supervisors Action:
Roll Call - Vote Requirement – Majority of Supervisors Present
RESULT: ADOPTED \[UNANIMOUS\]
MOVER: Carah Koch, Supervisor
SECONDER: Paul Berning, Supervisor
AYES: Lind, Anderson, Long, Leaf, Koch, Adams, Berning, Ottino, Feidler, Ostness,
Counter, Hansen, Sherley, Tellijohn, Carlson, Barcalow, Swanepoel, VanSomeren,
Ramberg
This Resolution was Adopted by the St. Croix County Board of Supervisors on October 3, 2023
Christine Hines, County Clerk