ITEM TITLE:
#18-07 - Amending the 2018 City Budget by Transferring $50,000 from General Fund Balance to Reserve Funds and Appropriating $50,000 to the SHARP III Tuition Reimbursement Program. Reconsideration.
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $50,000
Unencumbered Balance: $56MM
Funding Source: General Fund / fund balance
RECOMMENDATION:
Approve Resolution # 18-07, amending the 2018 City Budget by transferring $50,000 from General Fund Balance to Reserve Funds, and appropriating same to the SHARP III tuition reimbursement program.
SUMMARY STATEMENT:
• The City accepted $50K from Providence in early 2017 which was earmarked for the State-administered SHARP III physician tuition reimbursement program.
• At the time of the award, it was anticipated that the program would be operational by the end of 2017.
• The program is not yet operational, and the $50K appropriation has expired, which caused the funds to flow to general fund balance.
• The resolution proposes re-capturing the $50K from fund balance and establishing a reserve until such time as the program is operational. The City will then remit to State of AK and close the dedicated reserve account.
Attachments: Award Letter from Providence
Resolution