Memorandum

City of Lawrence

City Manager’s Office

TO:	City Commission
FROM:	Danielle Buschkoetter, Strategic Projects Manager
CC:	Tom Markus, City Manager Casey Toomay, Assistant City Manager Bryan Kidney, Finance Director
DATE:	July 9, 2018
RE:	Transfer Adjustments

Background

During a budget transfer review, staff recognized that several internal transfers were not in alignment. There were five (5) fund transfers that did not equal between transfers in and transfers out. For example, a transfer from one fund to another was budgeted for as an expenditure in the correct fund but may not have had the same amount as a revenue in the corresponding fund. Staff have adjusted those figures which are summarized below.

· Solid Waste Fund: Increased transfers out to the Debt Service Fund by $3,000 in 2019 to account for Solid Waste’s portion of Green Bond debt service. The transfer out of the Solid Waste Fund now matches the transfer in the Debt Service Fund.

· Equipment Reserve Fund: Decreased operating transfer revenues by $300,000 in 2018 to match the transfer out from the General Fund to account for the transfer of $300,000 to the Affordable Housing Fund from the February 2018 budget amendment. This now matches the total revenue of $600,000 in the Affordable Housing fund.

· Debt Service Fund: Decreased operating transfer revenues from the General Fund by $1,000 in 2019 to account for a rounding error. The transfer in the Debt Service Fund now matches General Fund transfer out.

· Water & Sewer Non-Bonded Construction: Increased operating transfer revenues from Water and Sewer Operations fund in 2018 by $19,000 and by $20,000 in 2019 to match the transfers out in the Water and Sewer Fund for the reserve for future Bowersock dam repairs.

· Solid Waste Non-Bonded Construction: Increase operating transfer revenues from Solid Waste Operating Fund by $100,000 in 2019 to match the Solid Waste Fund transfer out for future projects.

These transfers have been updated in the budget book that is presently available and are updated on the interactive budget report available on the City’s website. The net impact of all transfer adjustments is an increase of $3,000 across all funds.