Title
Consideration of and action on a resolution to transfer $2,540,000.00 from the Fiscal Year 2025-2026 Unassigned Fund Balance from the General Fund to the Capital Improvements Fund.
Body
Summary:
The Capital Improvements Fund is for the purpose of funding capital improvements on a cash or pay-as-you-go basis to reduce the use of long-term debt financing. The City believes it is prudent to set aside monies for future capital needs. On November 18, 2025 the City Council passed Ordinance No. 4662 authorizing the transfer of $1,260,000 from the General Fund Unassigned Fund Balance to the Capital Improvements Fund to construct a lift station near the Jimmy Burke Activity Center. Additional capital improvement needs have been identified and the City recommends the transfer of an additional $2,540,000.00 of Fiscal Year 2025-2026 Unassigned Fund Balance of the General Fund to the Capital Improvements Fund, which is available for this purpose to supplement the fund. With approval of this resolution, the total transfer of Unassigned Fund Balance to be transferred to the Capital Improvements Fund for Fiscal Year 2025-2026 will total $3,800,000.00.
Monies will be assigned for projects funded through the Capital Improvements Fund as follows:
$1,891,603 – Municipal Courthouse
$1,642,000 – Traffic Intersection Improvements
$959,852 – Renovations to Theatre Building
$454,000 – New Sidewalks
$1,487,573 – Various FY 26-27 Capital Projects
In accordance with the Financial Management Policy, the City shall maintain a General Fund unreserved fund balance equivalent to a minimum of 25% of normal recurring operating costs, based on the current years budgeted operating expenditures. The current unreserved fund balance of the General Fund exceeds this 25% reserve requirement.
Fiscal/Budgetary Impact:
The Fiscal Year 2025-2026 unassigned fund balance of the General Fund will be reduced by the $2,540,000.00 amount of this transfer to the Capital Improvements Fund.
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