Calculation of Fund Balance Policy TransfersCity of Otsego
Fund Balance Policy
General Fund Transfer
2019
2019 General Fund Budget
Minimum Fund Balance
2018 Ending Fund Balance
Excess
Calculation
5,812,456 Resolution 2018-78
Comments
2,615,605 The City's Fund Balance states that the minimum General Fund Balance should be 45% of the subsequent year budget.
4,113,667 Per Audited Financial Statements
(193,208) Less: Fund Balance from Insurance Reserve Fund (#204) - Grouped with General for Financial Reporting
(12,241) Less: Fund Balance from Educational Programming Fund (#215) - Grouped with General for Financial Reporting
(118,687) Less: Nonspendable Fund Balance - Financial Reporting Requirement - Funds actually have alredy been expended.
(202,200) Less: Nonspendable Fund Balance - Financial Reporting Requirement - Future funds from land for resale proceeds.
3,587,331 Fund Balance Available (Unassigned)
971,726 DRAFT - Recommendation to Council on May 28, 2019
X:\Budget\2020\Calculation of Fund Balance Policy Transfers 2019