ITEM TITLE:
Reserve Funds and Transfers
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $5,893,318
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Review and provide direction for final 2019 Budget
SUMMARY STATEMENT:
• The proposed figure reflects the “operating surplus”, and excludes the Permanent Fund transfer of $3MM.
• It also includes $500K from Harbor Fund for Harbor Maintenance, per prior years’ convention.
• Staff recommends foregoing the Permanent Fund 1.5% appropriation until March, and then revisiting the topic once the projects requests are formulated.
• This would change the bottom-line total appropriation figure to $51.5MM