Description: AGENDAHED.JPG
  

Item No:                    4.C.1.

 

Meeting Date:           September 23, 2013

 

From:                          Bill Spinelli, Finance Director, CPA

 

Subject:                      Resolution approving a special transfer from the Worker’s Compensation Fund to the Capital Projects Fund in the amount of $26,000.00 and to the General Fund for $24,000.00, or a total of $50,000.00 for various capital projects

 

 


Staff Recommendation:

Staff recommends approval of a transfer in FY 2013-2014 from the Worker’s Compensation Fund to the Capital Projects Fund in the amount of $26,000.00 and to the General Fund for $24,000.00, or a total of $50,000.00 for various capital projects.

 

Analysis:

During the preparation of the FY 2013-14 budget, it was determined that $50,000.00 could be used from the Worker’s Compensation Fund for the following capital projects:

 

Capital Projects Fund:

Rehab Community Building Restrooms                                   $10,000

Replace Ceiling tiles Community Building                                 3,000

Clean HVAC Duct Work Community Building                          6,000

Install Audio/Visual System Community Building                    7,000

            Total Capital Projects Fund                                        $26,000

 

General Fund:

Security Improvements Gymnasium                                       $10,000

Upgrade Restrooms Marina                                                        3,000

Reconfigure/Paint Marina                                                          6,000

Replace Venetian Gardens/Marina Sign on Dixie                      5,000

            Total General Fund                                                     $24,000

            Total Worker’s Compensation Transfer Amount        $50,000

 

 

In an effort to improve its cash position, staff updated and the City Commission adopted new cash policies in fiscal year 2007.  Ordinance 07-80, Section 2-230 provides for utilization of surplus cash which is defined as cash that exceeds 115% of the minimum acceptable level of cash reserve.  Utilization of Surplus Cash can be approved for any one of the following; elimination of shortfalls in related funds, reduction or avoidance of debt, funding of a renewal and replacement program, one time capital needs and for use in funding tax, fee or rate stabilization.  In addition to the Surplus Cash test, Ordinance 07-82 provides for a five year pro forma cash flow projection to determine the financial impact if any on the fund from which the transfer is drawn (attached).   The following test reflects the amount of Surplus Cash available as of September 30, 2013:

 

Minimum Cash Reserve Requirement                         $1,204,766

Add 15% Reserve                                                            180,715

Minimum Level of Acceptable Cash Reserve              $1,385,481

Unaudited Cash Balance as of September  2013          1,744,141

                                                Surplus Cash                $  358,660

 

The calculation as reflects adequate surplus cash to allow for the special transfer.

 

Options:

1.  Approve the special transfer in FY 2013-2014 from the Worker’s Compensation Fund to the Capital Projects Fund in the amount of $26,000 and to the General Fund in the amount of $24,000, or a total of $50,000 for various capital projects; or,

2.  Such alternative action as the Commission may deem appropriate

 

 

Fiscal Impact

The impact on the surplus cash of the Worker’s Compensation Fund would be minimal decreasing the surplus cash from $358,660 to $308,660. 

 

Submission Date and Time:    9/18/2013 11:44 AM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________            

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. BLM,_____________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. 065-1350-581-9501

                       065-1350-581-9531

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO.___________

 

 

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING A SPECIAL TRANSFER FROM THE WORKER'S COMPENSATION FUND TO THE CAPITAL PROJECTS FUND AND THE GENERAL FUND NOT TO EXCEED $50,000 FOR VARIOUS CAPITAL PROJECTS; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the City Commission hereby authorizes the transfer in FY 2013-2014 of $50,000 from the Worker’s Compensation Fund to the Capital Projects Fund and the General Fund for various capital projects.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _23rd ____ day of _September________ 2013.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

_________________________________

City Clerk